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Wells Fargo Q3 net income increases by 19.5%

Wells Fargo & Company has reported a net income of $4.9bn, or $0.88 per diluted common share, for the third quarter of 2012, up by 19.5% from $4.1bn, or $0.72 per share, during the same period last year.

For the quarter period ended on 30 September 2012, its revenues were $21.21bn, with an increase of 8%, from $19.63bn, during the corresponding period, a year ago.

Community banking net income stood at $2.7bn, up by 18%, from $2.32bn, while wholesale banking net income was $1.99bn, with an increase of 10.5%, from $1.8bn during the same period, a year ago.

Revenues for the aforesaid segments were $13.11bn from $12.51bn and $5.94bn, compared to $5.13bn respectively.

Wealth, brokerage and retirement segment net income was $338m, with a surge of 16.5%, from $290m, while its revenues rose by 5.2% to $3.03bn from $2.88bn during the same period earlier year.

Wells chairman and CEO John Stumpf said the group was able to achieve six consecutive quarters of record net income and EPS through combined efforts of its over 265,000 team members.