Wells Fargo (NYSE:WFC) Reports Strong 2010 Financial Results
Wednesday, January 19, 2022 1:00 PM

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Wells Fargo and Company (NYSE: WFC) shows continued financial performance in Q4. The results showed a net income of $3.4 billion, up 21 percent from last year with diluted earnings per common share of $0.61.

The revenue of $21.5 billion was up 12 percent from previous quarter with net interest margin of 4.16 percent, return on assets of 1.09 percent, and return on equity of 10.95 percent (annualized). Capital ratios continued to increase.

There was a double-digit revenue growth across multiple businesses where wholesale banking was up 11 percent from prior quarter. Total loans up $3.6 billion, or 2 percent (annualized), from September 30, 2010; non-strategic/liquidating loans down $6.billion, all other loans were up $9.6 billion from September 30, 2010. The company supplied $210 billion in credit to consumers and businesses during the quarter, up $34.5billion, or 20 percent, from prior quarter.

The company also showed a significant improvement in credit quality where net loan charge-offs declined to $3.8 billion, down $256 million from prior quarter and 29 percent below fourth quarter 2009 peak. Non-performing assets declined to $32.4 billion and non-performing loans declined to $26.2 billion, down $2.1 billion from prior quarter.

Howard Atkins, Chief Financial Officer of the company, said: “Wells Fargo has earned strong and consistent profits in each of the eight quarters since the 2008 merger with Wachovia –$24.6 billion in profit in two years, including a record $3.4 billion in profit in the fourth quarter.”

The shares were down 2.06 percent to $31.82.

 

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