US Bancorp. (USB) and Wells Fargo & Co. (WFC) Beat the Street
U.S. Bancorp said Tuesday that fourth-quarter net income rose 4 percent on strong revenue growth. Wells Fargo & Co.'s net income, meanwhile, rose 13 percent as the bank sold off investments and held down costs.
Minneapolis-based U.S. Bancorp (NYSE: USB - News) said that fourth-quarter earnings were $1.19 billion, or 66 cents per share, compared to from $1.14 billion, or 62 cents per share in the prior year.
Analysts had forecast earnings of about 67 cents per share, according to Thomson First Call.
Revenue for the fourth quarter grew 13 percent to $4.9 billion, compared with $4.4 billion in the fourth quarter of 2005.
CEO Richard Davis said the company's focus on fees, stabilizing net interest margin, maintaining high credit quality and its expense controls accounted for the record growth. "I am very pleased with the financial results, particularly given the challenging economic environment that our company, and the banking industry as a whole, has faced during this past year," Davis said in a press release.
San Francisco-based Wells Fargo (NYSE: WFC - News) saw net income rise to $2.18 billion, or 64 cents a share, from $1.93 billion, or 57 cents a share, a year earlier.
The company's revenue rose 11 percent to $9.41 billion from $8.49 billion a year earlier. The company said it was helped by the selling of low-yielding securities and rising deposits all contributed.
Published January 16, 2007 by the Minneapolis/St Paul Business Journal
Minneapolis-based U.S. Bancorp (NYSE: USB - News) said that fourth-quarter earnings were $1.19 billion, or 66 cents per share, compared to from $1.14 billion, or 62 cents per share in the prior year.
Analysts had forecast earnings of about 67 cents per share, according to Thomson First Call.
Revenue for the fourth quarter grew 13 percent to $4.9 billion, compared with $4.4 billion in the fourth quarter of 2005.
CEO Richard Davis said the company's focus on fees, stabilizing net interest margin, maintaining high credit quality and its expense controls accounted for the record growth. "I am very pleased with the financial results, particularly given the challenging economic environment that our company, and the banking industry as a whole, has faced during this past year," Davis said in a press release.
San Francisco-based Wells Fargo (NYSE: WFC - News) saw net income rise to $2.18 billion, or 64 cents a share, from $1.93 billion, or 57 cents a share, a year earlier.
The company's revenue rose 11 percent to $9.41 billion from $8.49 billion a year earlier. The company said it was helped by the selling of low-yielding securities and rising deposits all contributed.
Published January 16, 2007 by the Minneapolis/St Paul Business Journal
Labels: US Bancorp., USB, Wells Fargo and Co., WFC
posted by Stock Administrator @ 2:02 PM
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