Wachovia earnings up 24 percent

CHARLOTTE (AP) — Wachovia says profits increased 24 percent in the second quarter, benefiting from the acquisition of Golden West Financial and its growing lending business.

The Charlotte bank says it earned $2.3 billion, or $1.22 per share. That compares with earnings of $1.9 billion, or $1.17 per share for the same period last year.

Total revenue increased from $7.3 billion to $8.7 billion, on a tax-equivalent basis.

Analysts polled by Thomson Financial expected earnings $1.22 per share on $8.4 billion.

Wachovia says its revenue grew on loans and deposits, driven by the $24 billion acquisition of Golden West.

Wachovia shares fell $1.50, or 2.9 percent, to $50.11 in midday trading.

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