SAN FRANCISCO (AP) — SAN FRANCISCO (AP) — Wells Fargo & Co. (WFC) on Friday reported fourth-quarter net income of $3.45 billion.
The San Francisco-based bank said it had earnings of 86 cents per share. Earnings, adjusted for one-time gains and costs, were $1.29 per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.
The biggest U.S. mortgage lender posted revenue of $30.55 billion in the period. Its revenue net of interest expense was $20.48 billion, also topping Street forecasts. Seven analysts surveyed by Zacks expected $20.31 billion.
For the year, the company reported profit of $19.14 billion, or $4.83 per share. Revenue was reported as $82.6 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WFC at https://www.zacks.com/ap/WFC