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Wells Fargo reports record Q4 profit

January 14, 2013

Wells Fargo’s record fourth-quarter result managed to beat market expectations. The shares nevertheless fell by up to 2.5% and ended 0.85% lower at the end of last week. Analysts pointed to a decline in net interest margin and fewer mortgage loans than in the third quarter.

The largest US mortgage bank is based in San Francisco and has benefited from increased mortgage business fee income and from lower bad credit provisions. For the final quarter, Wells Fargo reported record earnings of $5.09 bn or 91 cents per share (+24% y-o-y). The analyst consensus was 89 cents, according to Bloomberg. Revenue increased by +7% to $21.9 bn in the fourth quarter.