First half net profits of $3.22bn at Wells
Fargo’s retail focused Community Banking unit, are down 20.2% from
the first half of fiscal 2009.

Group-wide, Wells Fargo posted first half net
income of $5.61bn, down 10% year-on-year.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

On a positive note, Wells Fargo said credit
problems would diminish for the rest of fiscal 2010 and disbursed
$500 million from its accounts for future loan losses that it said
would no longer be required.

In the second quarter, Wells Fargo’s losses
from bad loans declined sharply, down 16% from the first quarter to
$4.5 billion.

Compared with a year ago, total lending
declined at Wells Fargo by 7.5%, with total assets down by 4.6% at
$1.22tr.

First half core deposits of $758.6m were flat
compared with a year ago but retail deposits of $533.4m were down
by 5.7%

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

At the end of the first half, Wells Fargo’s
retail network of 6,445 units was down 3.3% or 223 outlets from
6,668 branches a year ago.

Customers’ increased use of the digital
channels resulted in 17.6m active online customers, up 10% (or
1.9m) from a year ago.

By the end of June, Wells Fargo’s active
mobile banking customers totalled 3.4m.

Other positive metrics included:

  • net interest margin of 4.38% was up 11 basis points from a year
    ago;
  • consumer checking accounts grew a net 7.4% from the end of the
    first half of 2009;
  • record retail bank household cross-sell of Wells Fargo products
    of 6.06 products per household, and
  • within the legacy Wachovia customer base, the cross-sell ratio
    of  Wachovia products continued to grow to 4.88 products per
    household.