Wells Fargo Reports Record Net Income; EPS $.60

Wells Fargo & Company (NYSE: WFC):

• Record quarterly earnings
  • Record net income of $3.34 billion; $21.2 billion of cumulative net income since Wachovia merger closed December 31, 2008
  • Net income applicable to common stock a record $3.15 billion, up 19 percent from prior year and up 9 percent from prior quarter
  • Diluted earnings per common share of $0.60, up 7 percent from prior year and up 9 percent from prior quarter
  • Revenue of $20.9 billion; pre-tax pre-provision profit1 of $8.6 billion, included approximately $380 million (pre tax) negative impact from changes to Regulation E and related overdraft policy changes
  • Noninterest expense of $12.3 billion, down 15 percent (annualized) from prior quarter; third quarter included $476 million of merger integration costs