WELLS FARGO PROFIT JUMPS 13% ON HIGHER RATES

Wells Fargo's third-quarter profit rose to $5.95 billion, with earnings per share climbing 13% from a year earlier to $1.87. Net interest income grew more slowly, up 5% to $12.52 billion, as still-elevated interest rates widen the gap between what the bank pays depositors and what it charges borrowers. The gap between those two growth rates suggests lower costs and credit provisions, not higher-rate lending alone, are doing the heavy lifting for $WFC's bottom line this quarter.