Industry News

Wells Fargo profit rises to $1.8 billion

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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,...