SAN FRANCISCO (dpa-AFX) - Wells Fargo (WFC) reported that its fourth quarter net income increased to $5.36 billion from $5.08 billion, a year ago. Earnings per common share was $1.62 compared to 1.43. Net income, excluding severance expense, was $5.8 billion, or $1.76 per share, for the quarter.
Fourth quarter total revenue increased to $21.29 billion from $20.38 billion, prior year. Net interest income increased to $12.33 billion from $11.84 billion. Net interest income increased 4%, driven by higher loan and investment securities balances, improved results in Markets business, and fixed rate asset repricing, partially offset by deposit mix changes. Noninterest income increased 5%.
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