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Citigroup Inc. Message Board

  • bluecheese4u bluecheese4u Jan 16, 2008 8:35 AM Flag

    WELLS FARGO REPORTS 4Q07

    WELLS FARGO REPORTS 4Q07

    Wednesday, January 16, 2008
    WELLS FARGO REPORTS RECORD ANNUAL REVENUE
    WITH DOUBLE-DIGIT REVENUE GROWTH
    Full Year 2007:
    � Record revenue of $39.4 billion

    � Positive operating leverage (revenue growth of 10.4 percent; expense growth of 9.5 percent)

    � Net income of $8.06 billion, including previously announced $1.4 billion (pre tax) credit reserve build and $203 million (pre tax) Visa litigation expense

    � Diluted earnings per share of $2.38, including credit reserve build ($0.27) and Visa litigation expense ($0.04)

    Fourth Quarter 2007:
    � Record revenue of $10.2 billion

    � Net income of $1.36 billion, including $1.4 billion (pre tax) credit reserve build

    � Diluted earnings per share of $0.41, including $0.27 credit reserve build

    � Strong loan growth

    ○ Average loans up 20 percent from prior year; up 27 percent (annualized) from prior quarter

    ○ Average commercial and commercial real estate loans up 24 percent from prior year; up 37 percent (annualized) from prior quarter

    � Average core deposits up 11 percent from prior year; up 11 percent (annualized) from prior quarter

    � Net interest margin of 4.62 percent, up 7 basis points from prior quarter

    http://www.sec.gov/Archives/edgar/data/72971/000095013408000645/f37108exv99.htm

 
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