P.M. BRIEFING : EARNINGS : Interest Lifts Wells Fargo in ’90
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SAN FRANCISCO — An increase in interest income from more loans helped boost the earnings of Wells Fargo & Co. to $711.5 million for 1990, an 18% increase over the previous year, the company said today.
Net income for the year jumped from $601.1 million last year, the company said, attributing the strong performance to greater net interest income that resulted primarily from an increase in loans.
The bank also reported an increase in per share earnings in 1990 even though fourth-quarter earnings dropped from the same period one year ago.
Net income in the fourth quarter of 1990 was $156.7 million, compared with $158.5 million in the fourth quarter of 1989.
Earnings per share for the fourth quarter of 1990 were $2.91, compared with $2.95 for the same quarter in 1989. But earnings per share for the year were $13.39, compared to $11.02 the previous year.
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