WELLS FARGO REPORTS RECORD FULL YEAR AND QUARTERLY NET INCOME

2012 Net Income of $18.9 Billion, Up 19% from 2011; Record EPS of $3.36
Q4 Net Income of $5.1 Billion, Up 24% YoY; Record EPS of $0.91

Friday, January 11, 2013
• Continued strong financial results:
o Full year 2012:
? Record net income of $18.9 billion, up 19 percent from 2011
? Record diluted EPS of $3.36, up 19 percent from 2011
? Revenue of $86.1 billion, up 6 percent from 2011
? Positive operating leverage (revenue growth of 6 percent exceeded expense growth of 2 percent)
? Returned more capital to shareholders through a higher common stock dividend (up 83 percent), and common stock repurchases (approximately 120 million shares)
o Fourth quarter 2012:
? Record net income of $5.1 billion, up 24 percent from fourth quarter 2011
? Record diluted EPS of $0.91, up 25 percent from fourth quarter 2011
? Revenue of $21.9 billion, up 7 percent from fourth quarter 2011
? Total average core checking and savings deposits up $72.0 billion from fourth quarter 2011
? Total loans of $799.6 billion, up $29.9 billion from fourth quarter 2011
? Core loan portfolio up $47.7 billion from fourth quarter 20111
• Fourth quarter 2012 results2 included:
o $393 million, or $0.05 per share, in above-average quarterly equity gains3
o $(644) million, or $(0.09) per share, in operating losses from an incremental accrual to fully reserve for the costs associated with the Independent Foreclosure Review (IFR) settlement and additional remediation-related costs
o $(250) million, or $(0.03) per share, in noninterest expense for a contribution to the Wells Fargo Foundation
o $332 million, or $0.06 per share, in lower tax expense due to a benefit associated with the realization for tax purposes of a previously written-down Wachovia life insurance investment
1 See table on page 6 for more information on core and non-strategic/liquidating loan portfolios.
2 Fourth quarter 2012 effective tax rate of 27.4 percent used in the calculation of per share amounts.
3 Fourth quarter 2012 net gains from equity investments of $715 million were $393 million higher than previous seven quarter average net gains of $322 million.

https://www.wellsfargo.com/downloads/pdf/press/4q12pr.pdf

4Q12 Quarterly Supplement
https://www.wellsfargo.com/downloads/pdf/press/4Q12_Quarterly_Supplement.pdf


 

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Analyst Estimates
http://www.marketwatch.com/investing/stock/wfc/analystestimates