Wells Fargo Posts Record Profit, Citing Mortgage Lending

Wells Fargo & Co., the largest U.S. bank by market value, posted record profit for the fourth quarter and full year that beat analysts' estimates as mortgage financing improved.

Net income rose 20 percent in the quarter to $4.11 billion, or 73 cents a share, from $3.41 billion, or 61 cents, a year earlier, the San Francisco-based company said in a statement today. That exceeded the 72-cent estimate of 31 analysts surveyed by Bloomberg. Revenue declined 4 percent to $20.6 billion, better than the $20 billion forecast by analysts. For the year, net income climbed 28 percent to $15.9 billion.

“I'm extremely pleased with Wells Fargo's performance in 2011,” Chief Executive Officer John Stumpf said in the statement, citing growth in deposits and loans. The bank plans on “returning even more capital to our shareholders.”

Read Full Article from BusinessWeek

- Posted: 2012-01-17 17:57:22

More Stock Investor Place Company News

Alibaba's Jack Ma Is Moving On, With an IPO Looming Pfizer’s Possible Unit Shuffle Triggers Breakup Concern Lululemon Raises 4th-Quarter Guidance But Misses Expectations; Shares Down Dell Shares Surge After Report of Possible Buyout ARMZ Seeks Rest of Uranium One for $1.3 Billion; Won’t Raise Bid

Stock Investor Place Company News Archive

January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010 August 2010 July 2010 June 2010 May 2010 April 2010 March 2010 February 2010 January 2010 December 2009 November 2009 October 2009 September 2009 August 2009 July 2009 June 2009 May 2009 April 2009 March 2009 February 2009 January 2009 December 2008 November 2008 October 2008 September 2008 August 2008 July 2008 June 2008 May 2008