Wells Fargo has posted a full year net profit of $18.9bn, up 19% year-on-year, on the back of a strong rise in the banks fees and commissions.
Total revenue rose by 6% to $86.1bn although net interest income remained flat at $43.2bn.
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Average retail core deposits increased by 8% to $893.9bn with total loans at $799bn, up 4%.
Other group highlights included a 2.5 percentage point fall in Wells Fargo’s efficiency ratio to 58.5%.
Less positive metrics included an18 basis point fall in the net interest margin to 3.76% from 3.94% in 2011.
Total assets increased by 8% in fiscal 2012 to $1.42trn.
Retail banking highlights for Wells Fargo in fiscal 2012 included:
– Retail Bank household cross-sell ratio of 6.05 products per household, up from 5.93 year-over-year
– Consumer credit card, lines of credit and loan product solutions (sales) in the retail banking stores in 2012 were up more than 50 percent from 2011
– 21.4m active online customers, up 5 percent year-over-year
– 9.4m active mobile customers, up 33 percent year-over-year
Wells Fargo has continued to shutter its outlets across the US between 30 June 2011 and 30 June 2012, closing 70 branches in total leaving the bank with a network of 6,312.
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