Wells Fargo Q4 net income up 20%
Wells Fargo & Company has reported a net income of $3.89bn, or $0.73 diluted earnings per share, for the fourth quarter of 2011, compared to $3.23bn, or $0.61 diluted earnings per share, for the same perod in 2010.
The total revenue for the fourth quarter of 2011 declined 4% to $20.61bn, compared to $21.49bn for the same period a year ago.
Net interest income was $10.89bn, down 2%, compared to $11.06bn for the same period in the previous year.
Mortgage banking income increased to $2.4bn, down from $2.8bn for the same period a year ago.
Wells Fargo CFO Tim Sloan said that revenue was up 5 percent from the third quarter despite a full quarter's impact of the new debit interchange rules. As expected, expenses were higher in the quarter and they are maintaining their target of $11 billion sin noninterest expense in the fourth quarter of 2012.
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