Wells Fargo & Company reported diluted earnings per common share of US$1.02 for third quarter 2004, compared with US$0.92 in third quarter 2003, up 11%. Net income was US$1.75 billion, up 12% from US$1.56 billion in third quarter 2003. For the first nine months of 2004, net income was US$5.23 billion, up 14% from the first nine months of 2003, and diluted earnings per share were US$3.05, up 13% from the first nine months of 2003.
"This was our twelfth consecutive quarter of double-digit earnings per share growth," said chairman and CEO Dick Kovacevich. "We continued to invest for the 'Next Stage' of our success at a rate unprecedented in our company's history.
"Much of our growth continued to come from earning more business from our current customers. The attitude and commitment of our team members is the single biggest factor influencing our customers to entrust us with more of their business.”
