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Wells Fargo (NYSE:WFC): Current Price $34.98
Wells Fargo (NYSE:WFC) reports a strong Q4 2012 with a record net income of $5.1 billion up 24% year-on-year and record diluted EPS of $0.91 of 25% on revenue of $21.9 billion which rose 7%. Checking and savings deposits grew $72 billion while loans added $29.9 billion. Credit quality was strong and the Tier 1 common equity ratio under Basel I was 10.12 percent. Net interest margin fell 10 bps to 3.56%, due mostly to strong deposit growth. Chief Financial Officer Tim Sloan said, “The Company’s underlying results were driven by solid loan growth, improved credit quality, and continued success in improving efficiency. While our fourth quarter included some noteworthy items, we achieved strong returns on average assets and equity of 1.46 percent and 13.35 percent, respectively.”
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