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Wells Fargo Meets Expectations


Wells Fargo

(WFC) - Get Wells Fargo & Company Report

reported fourth-quarter earnings that met Wall Street's expectations, as the bottom line reached 65 cents a share, up from 59 cents in the year-ago period.

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Excluding the amortization of goodwill and nonqualifying core deposit intangibles, fourth-quarter cash earnings rose to 75 cents a share from 68 cents in the prior year.

Wells Fargo, a San Francisco bank and financial services company, said net income rose 9% to $1.13 billion from $1.04 billion. Total revenue increased 12% to $5.41 billion from $4.81 billion.

Net interest income on a taxable-equivalent basis rose 7% to $2.80 billion from $2.62 billion last year. Noninterest income reached $2.61 billion, up 18% from $2.21 billion a year ago.