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Wells Fargo 2012 net income increased by 19% to $18.9bn

Wells Fargo & Company has registered a net income of $18.9bn or diluted earnings per common share of $3.36 for 2012, up by 19% from $15.9bn, or diluted earnings per common share of $2.82 in 2011.

For the year completed on 31 December 2012, its revenue stood at $86.1bn, with an increase of 6% from $80.9bn during the same period last fiscal.

Wells Fargo chairman and CEO John Stumpf said, "We saw the continued benefits of our diversified business model and reported record full year and fourth quarter earnings, robust deposit and solid loan growth, and strong performance across our business units."

Net interest income during the fourth quarter ended on 31 December declined by 2% to $249m compared to the same period earlier year.

Noninterest income during the fourth quarter of 2012 increased by 16% to $11.3bn compared to the corresponding period last fiscal.

Tier 1 common equity in the fourth quarter reached $109.1bn under Basel I, or 10.12% of risk-weighted assets, up from 9.46% in fourth quarter 2011 and 9.92 % in third quarter 2012.

Formed in 1852, the US based diversified financial firm manages $1.4 trillion in assets, and delivers banking, insurance, investments, mortgage, and consumer and commercial finance through over 9,000 stores, 12,000 ATMs and online in over 35 countries.