Wells Fargo saw 28% rise in net income in the full year 2011
Wells Fargo and Co., San Francisco based bank, reported on Tuesday that in the fourth quarter its income rose by 20%, deposits grew and mortgage business steadied.
The bank’s net income rose to $4.11 billion or 73 cents per share in the last three months of 2011 as compared with $3.41 billion or 61 cents per share in the prior quarter. However, revenues moved downward by 4% to $20.61 billion from $21.49 billion previous year.
According to the reports, Tier 1 common equity increased $3.2 billion at December 31 of previous year i.e. up $9.5 billion from September 30 of previous year.
The bank saw a net income of $15.9 billion in the year 2011 i.e. up 28% from 2010. Moreover, diluted earnings per common share of $2.82 in 2011 i.e. up 28% from 2010. However, revenue went down by 5% from the year 2010 and became $80.9 billion.
John Stumpf, Chairman and CEO, said,
I’m extremely pleased with Wells Fargo’s performance in 2011 – including strong deposit and loan growth, record cross-sell and record earnings. We achieved these results while completing the conversion of Wachovia’s retail banking stores – the largest such conversion in banking history – and now all of our 6,239 retail banking stores are on a single platform serving customers coast to coast. At the time of the merger, we said the integration of Wachovia would take three years and we are right on track. I couldn’t be prouder of how our two companies have come together as one, thanks to the important and tireless work of our more than 260,000 team members.
In 2012, we are focused on Wells Fargo’s many opportunities, including continuing to provide our customers with award winning service, welcoming new customers as we grow market share throughout our many businesses and geographies, achieving efficiency improvements across the company and returning even more capital to our shareholders.
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