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NEW YORK (AFX) - Wells Fargo & Co. reported fourth-quarter diluted earnings per share of 0.64 usd, up 12 pct on 0.57 usd last year and in line with analyst forecasts.
Net income in the quarter was up 13 pct at 2.18 bln usd on record revenue of 9.41 bln usd, up 11 pct from 8.49 bln usd a year earlier.
For the full year, the financial services group reported record diluted earnings per share of 2.49 usd, up 11 pct on last year's 2.25 usd. Net income grew 11 pct to 8.48 bln usd on revenue of 35.69 bln usd, up 8 pct.
The company reported strong loan growth with average loans up 11 pct and average commercial and commercial real estate loans up 10 pct for the year.
Average core deposits were up 6 pct from the prior year and up 11 pct from the prior quarter.
Net interest margin was 4.93 pct, up 9 basis points from the prior year and up 14 basis points from the prior quarter.
Chief Financial Officer Howard Atkins said: 'Fourth quarter earnings per share growth of 12 pct capped another year of double-digit earnings growth, driven by strong revenue growth, wider operating margins and continued strengthening of our balance sheet. The breadth and depth of our business model, once again in the fourth quarter, resulted in very strong and balanced growth across market segments, across product sources and across businesses.' newsdesk@afxnews.com joy COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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