SAN FRANCISCO (CBS/AP) – Wells Fargo & Co. said its fourth-quarter profit rose 20 percent, helped by better performance of its loans, growth in deposits and a steadying mortgage business.
The San Francisco-based bank said its net income for the last three months of 2011 rose to $4.11 billion, or 73 cents per share. Total revenue slipped 4 percent to $20.6 billion.
Analysts were expecting profit of 72 cents per share on total revenue of $20 billion.
Average deposits rose 9 percent to $864.9 billion. Loans edged up 2 percent to $768.6 billion. Wells released $600 million from its reserves to cover uncollected loans, which helped boost results.
The bank’s card fees dropped 28 percent, largely because of a new law limiting debit card fees charged to merchants.
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)