The numbers: Pretty good, despite the fact that Wells Fargo’s residential mortgage originations (i.e., mortgages on new homes and refinancing of existing ones) tumbled 67% compared to the first quarter of 2013. Even so, the bank’s net income rose 14% to $5.89 billion.
What’s interesting: The profitable refinancing boomlet for US residential real estate might be done and dusted. But instead of American demand for consumer credit isn’t dead. Wells Fargo reported a record level of consumer auto lending during the first quarter, which rose 15% over the prior year to $7.8 billion.