Wells Fargo has posted a full year net profit of
$15.9bn, up 28% year-on-year, boosted by strong growth in deposits
and improvements in credit quality.
Average deposits increased year on year by 7% to
$827bn while average retail core deposits increased by 4% to
$596bn.
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Less positive metrics included a 180 basis point
increase in Wells Fargo’s cost-income ratio to 61.0% and a 32 basis
point fall in the net interest margin to 3.94% from 4.26% while
total revenue slipped by 5% to $80.9bn.
Card fees dropped 28%, not helped by
the Durbin amendment coming into force.
Total assets increased by 4% in fiscal 2011 to
$1.31trn.
Retail banking highlights in fiscal 2011
included:
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By GlobalData- retail household cross-sell ratio of 5.92
products per household, up from 5.70 in fourth quarter of
2010; - active online baking customers increased to
19.8m while active mobile banking customers grew to 7.3m,
and - provisions for credit losses within the
retail-focused Community Banking unit fell by 27% to $2.03bn.
Wells Fargo completed the conversion of all
remaining Wachovia retail branches to Wells’ single platform during
fiscal 2011 and ended the year with a branch network of 6.239
retail banking stores.
Wells Fargo’s has posted its FY11 results on the same day
as Citigroup.
