Wells Fargo & Co. rode a modest increase in overall revenue and a lower loan-loss provision to a 9% increase in third-quarter net income to $5.59 billion, the bank reported Tuesday.

Diluted earnings were $1.66 a share, up from $1.60 in the second quarter and from $1.42 a year ago.

The bank stated that it incurred $296 million in severance expenses during the quarter, equivalent to 7 cents per share.

The average earnings forecast was $1.55, as reported by 10 analysts surveyed by Zacks Investment Research. Analysts typically do not include one-time gains and charges in their projections.

Meanwhile, the board of directors has made official the appointment of Chief Executive Charlie Scharf as its executive chairman, while naming Steven Black as lead independent director.

Scharf said in th

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