Wells Fargo today reported record net income of $7 billion for 2004, up 13 percent from $6.2 billion in 2003. Diluted earnings per common share was $4.09 for 2004, up 12 percent from $3.65 in 2003.

For fourth quarter 2004, net income was a record $1.8 billion, or $1.04 per share, compared with $1.6 billion, or 95 cents per share, for fourth quarter 2003, an increase in earnings per share of 10 percent.

“Combined revenue in all of our businesses other than Wells Fargo Home Mortgage (Home Mortgage), which had extraordinary revenue in 2003 due to the refinance boom, grew 11 percent this year – 6 percent including Home Mortgage,” Chairman and CEO Dick Kovacevich said.

The company reported double-digit growth in earnings per share, loans and retail core deposits.

Revenue of $8.2 billion for fourth quarter 2004 grew $723 million, or 10 percent, from a year ago. “Revenue growth was broad based, with particularly strong growth in consumer lending, deposits, small business banking, credit and debit cards, consumer finance, market-sensitive revenues and mortgage banking,” CFO Howard Atkins said.

The company’s full-year 2004 revenue was a record $30 billion, up 6 percent from 2003, despite a 37 percent decrease in mortgage originations as the refinance-driven market declined from 2003.

For the year, Home Mortgage revenue declined $807 million, or 16 percent, from $5.2 billion in 2003 to $4.4 billion in 2004. Combined revenue of businesses other than Home Mortgage grew 11 percent in 2004 from 2003.

Wells Fargo shares (NYSE:WFC) traded at $60.90 per share this morning.


Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

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