Wells Fargo reports record fourth-quarter profit
Wells Fargo & Co. reported record net income of $12.4 billion, or $2.21 per share, for 2010, up from $12.3 billion, or $1.75 per share, for 2009, the company reported this morning. Fourth-quarter net income was a record $3.4 billion, or 61 cents per share, compared to 2.8 billion, or 8 cents per share, for the fourth quarter of 2009. Broad-based revenue growth of 12 percent in the fourth quarter and a $2.1 billion decline in nonperforming loans contributed to the results, Wells Fargo Chairman and CEO John Stumpf said in a press release.
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