Wells Fargo & Company (NYSE:WFC) announced today that its 2012 fourth quarter net income rose to $5.1 billion, or $0.91 per diluted share, which were 24% and 25%, respectively, over the same period in 2011. For the full year 2012, net income was $18.9 billion, or $3.36 per diluted share, both up 19% over 2011. Revenues were up 7%, to $21.9 billion, in the fourth quarter and up 6%, to $86.1 billion, for the year.
The bank recorded a pre-tax charge of $644 million in the fourth quarter to cover its share of the recently announced Independent Foreclosure Review (IFR) settlement. Amounts reserved now fully cover its $766 million share of the cash payment and additional remediation-related costs portion of the settlement. The bank says that it believes that other aspects of the settlement are “covered through the existing allowance for credit losses and the nonaccretable difference relating to the purchased credit-impaired loan portfolios”, and no additional charges were booked.
As to the IFR settlement, the company’s press release quoted Chairman and CEO John Stumpf as saying: “In addition to the benefit to our customers, we are very pleased to have put this legacy issue behind us and to have removed the future costs associated with independent foreclosure reviews.”
About Wells Fargo (Source: The Company)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.