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01-19-2011, 02:35 PM #1
Wells Fargo fourth-quarter profit rises 21 percent
Wells Fargo fourth-quarter profit rises 21 percent
CHARLOTTE, North Carolina — Wells Fargo & Co <WFC.N>, the fourth-largest U.S. bank, reported a 21 percent increase in fourth-quarter profit, helped by double-digit revenue growth in multiple business units and lower credit costs.
The San Francisco-based bank said earnings rose to $3.4 billion, or 61 cents a share, from $2.8 billion, or 8 cents a share, a year earlier.
Analysts on average expected a profit of 61 cents a share, according to Thomson Reuters I/B/E/S.
Revenue increased 12 percent to $21.5 billion.
Shares of Wells Fargo were down 1.6 percent at $31.97 in trading before the market opened.
(Reporting by Joe Rauch; Editing by Lisa Von Ahn)
http://www.comcast.net/articles/finance ... ELLSFARGO/NO AMNESTY
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