Wells Fargo’s wealth, brokerage and retirement unit has reported a net income of US$491 million for the fourth quarter of 2013, an increase of 40% compared to US$351 million reported a year ago.

Revenue of US$3.4 billion increased US$344 million, or 11%, from a year ago primarily driven by strong growth in asset-based fees, as well as higher net interest income and higher gains on deferred compensation plan investments (offset in compensation expense).

Noninterest expense increased US$142 million, or 6% from a year ago due to higher broker commissions, increased non-personnel expenses and an increase in deferred compensation plan expense (offset in trading income), partially offset by lower FDIC expense.

Overall, Wells Fargo group’s quarterly income rose to US$5.6 billion, or US$1 a share, from US$5.1 billion, or 91 cents a share, in the fourth quarter of 2012.

For all of 2013, Wells Fargo earned US$21.9 billion surpassing JPMorgan (US$17.9 billion) as most profitable US bank.

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