Wells Fargo reports record 1Q profits
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(AP) - Wells Fargo is reporting a record first-quarter profit in line with its forecast.
The San Francisco-based bank, which bought Wachovia last fall at the height of the credit crisis, says it earned $2.38 billion, or 56 cents per share. This compares with a profit of $2 billion, or 60 cents per share, a year earlier.
Before paying preferred dividends, the company earned $3.05 billion.
Total revenue was $21 billion, slightly more than the bank had forecast.
Thomson Reuters says analysts were expecting earnings of 41 cents per share on revenue of $19.37 billion.
Wells Fargo had surprised investors earlier this month when it said it would report a record first-quarter profit of $3 billion, much more than analysts had been expecting.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
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