Financial highlights for Q3 2012:

• Record Wells Fargo net income of $4.9 billion, up 27 percent (annualized) from prior quarter
• Record diluted earnings per common share of $0.88, up 29 percent (annualized) from prior quarter
• Pre-tax pre-provision profit (PTPP)1 of $9.1 billion, up 9 percent (annualized) from prior quarter
• Revenue of $21.2 billion, compared with $21.3 billion in prior quarter
• Noninterest expense of $12.1 billion, down $285 million from prior quarter; 57.1 percent efficiency ratio
• Return on average assets (ROA) of 1.45 percent, up 4 basis points from prior quarter
• Return on equity (ROE) of 13.38 percent, up 52 basis points from prior quarter

San Francisco, October 20th 2012 – Wells Fargo & Company reported record net income of $4.9 billion, or $0.88 per diluted common share, for third quarter 2012, up from $4.1 billion, or $0.72 per share, for third quarter 2011, and up from $4.6 billion, or $0.82 per share, for second quarter 2012. For the first nine months of 2012, net income was $13.8 billion, or $2.45 per share, compared with $11.8 billion, or $2.09 per share, a year ago.

“Through the efforts of our more than 265,000 team members, we've now achieved six consecutive quarters of record net income and EPS,” said Chairman and CEO John Stumpf. “By focusing on earning all of our customers' business and providing outstanding service, we continued to generate growth across our diversified set of businesses. In the third quarter, core loans grew by $11.9 billion and we saw continued strength in our mortgage and deposit businesses. We remained diligent in managing costs and continued to have strong underlying credit performance as our loss mitigation efforts and the low interest rate environment helped improve affordability for our customers.”

Chief Financial Officer Tim Sloan added, “Our third quarter results demonstrated that the Company’s business model continues to serve shareholders well. Our performance reflected an ongoing focus on measures that drive value over the long-term, including increased PTPP, positive operating leverage, and solid ROA and ROE. In addition, our efficiency ratio of 57.1 percent in the third quarter improved compared with second quarter and remained within our 55 to 59 percent targeted range. While the economic and interest rate environments continue to present challenges for us and our industry, our diversified model and focus on our customers continued to produce strong quarterly results.”

Re-disseminated by The Asian Banker