P.M. BRIEFING : Wells Fargo Profits Up 17%
From Times Wire Services
SAN FRANCISCO —
Wells Fargo & Co. today reported a healthy 17% jump in profits in the fourth quarter, largely because of increased domestic loans.
Wells Fargo reported net income for the fourth quarter ended Dec. 31, 1989, of $158.5 million, or $2.95 per share, compared to $136 million, or $2.45 per share, in the same period in 1988.
The San Francisco-based bank holding company, fourth-largest in California, said its fourth-quarter and year-end earnings benefited from an increase in net interest income stemming from a rise in domestic loans.
Wells Fargo reported 1989 year-end net income of $601.1 million, or $11.02 per share, compared to $512.5 million, or $9.20 per share, in the same period in 1988.
