Wells Fargo & Company reported that third quarter net income was a record US$1.6 billion in 2003, up 8 per cent from US$1.4 billion in the third quarter 2002. For the first nine months of 2003, net income was a record US$4.6 billion, up 8 per cent from the first nine months of 2002, and diluted earnings per share were a record US$2.70, up 10 per cent from the prior year.
To leverage the strength of the Wells Fargo brand, Wholesale Banking's Century Business Credit unit, part of the asset-based lending group, changed its name to Wells Fargo Century, Inc. It is one of the largest bank-owned factoring companies in the US and provides factoring, commercial and trade finance to middle-market businesses across the country.
"Our team members delivered record quarterly earnings and outstanding results for Wholesale Banking despite continued flat loan demand," said Dave Hoyt, Group EVP, Wholesale Banking.
