Wells Fargo & Company (WFC) Profit Rises 4 Percent
Wells Fargo & Company (NYSE:WFC - News) reported record diluted earnings per common share of $0.68 for third quarter 2007, up 6 percent from $0.64 in third quarter 2006. Net income was $2.28 billion, up 4 percent from $2.19 billion in third quarter 2006. For the first nine months of 2007, diluted earnings per share were a record $2.01 and net income was a record $6.81 billion, up 9 percent and 8 percent, respectively, from the first nine months of 2006.
"Given the severe disruption in the credit markets, it was a challenging quarter to be sure. Despite that, we had strong growth in revenue and earnings per share, as our team members remained focused on executing our time-tested, diversified business model," said President and CEO John Stumpf. "Our team continued to earn more of our customers' business, setting a new record in customer cross-sell of 5.5 products per consumer household. We maintained our conservative risk management practices, and our strong balance sheet and capital ratios, perhaps the strongest in the industry, which allowed us to continue to grow profitably despite the problems in the market. A challenging environment presents exceptional growth opportunities, perhaps the best in recent years and we are well positioned to take advantage of them. We welcome the new team members and customers from Greater Bay Bancorp who joined our Wells Fargo family this month, adding $7.4 billion in assets and 41 banking stores across the San Francisco Bay Area, including the teams from Greater Bay's ABD Insurance and Financial Services and Matsco Financial Corporation."
"Given the severe disruption in the credit markets, it was a challenging quarter to be sure. Despite that, we had strong growth in revenue and earnings per share, as our team members remained focused on executing our time-tested, diversified business model," said President and CEO John Stumpf. "Our team continued to earn more of our customers' business, setting a new record in customer cross-sell of 5.5 products per consumer household. We maintained our conservative risk management practices, and our strong balance sheet and capital ratios, perhaps the strongest in the industry, which allowed us to continue to grow profitably despite the problems in the market. A challenging environment presents exceptional growth opportunities, perhaps the best in recent years and we are well positioned to take advantage of them. We welcome the new team members and customers from Greater Bay Bancorp who joined our Wells Fargo family this month, adding $7.4 billion in assets and 41 banking stores across the San Francisco Bay Area, including the teams from Greater Bay's ABD Insurance and Financial Services and Matsco Financial Corporation."
Labels: Wells Fargo and Co., WFC
posted by Stock Administrator @ 12:11 PM
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