Wells Fargo & Company has announced that in 2010 it made a record net income of $12.4bn, narrowly beating its previous annual record of $12.3bn, made in 2009.
The bank also made a quarterly record net income, with $3.4bn made in Q4, up substantially from the $2.8bn made during Q4 2009 and marginally higher than the Q3 2010 net profit of $3.34bn.
Chairman and Chief Executive Officer John Stumpf described 2010 as a year of solid growth for Wells Fargo, which helped it deliver record quarterly and annual profits.
Stumpf also welcomed the retention of the bank’s number one ranking in the American Customer Satisfaction Index (ACSI) and emphasised the firm’s commitment to quality service and customer satisfaction.
He added that the Wachovia integration was expected to be completed by the end of the year and paid tribute to the bank’s employees for their efforts.