Wells Fargo Posts Higher Profit After Curbing Expenses
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Wells Fargo & Co., the largest U.S. home lender, posted record fourth-quarter and full-year profit that was bolstered by expense cuts and one-time gains, raising concern among some analysts about the quality of the earnings.
Net income advanced 10 percent for the quarter to $5.61 billion, or $1 a share, from $5.09 billion, or 91 cents, a year earlier, the San Francisco-based company said today in a statement. The average estimate of 33 analysts surveyed by Bloomberg, excluding some items, was 98 cents a share. For the full year, profit rose 16 percent to $21.9 billion.