$WFC Beats Both Top and Bottom Line, Earnings Rise at Double Digit Rates

“SAN FRANCISCO, Apr 12, 2013 (BUSINESS WIRE) — Wells Fargo & Company WFC -1.01% :

— Continued strong financial results: — Record Wells Fargo net income of $5.2 billion, up 22 percent from first quarter 2012

— Record diluted earnings per share of $0.92, up 23 percent

— Revenue of $21.3 billion, compared with $21.6 billion

— Noninterest expense of $12.4 billion, down $593 million — 58.3 percent efficiency ratio, improved from 60.1 percent

— Pre-tax pre-provision profit (PTPP)(1) of $8.9 billion, up 2 percent

— Return on average assets (ROA) of 1.49 percent, up 18 basis points

— Return on equity (ROE) of 13.59 percent, up 145 basis points

— Continued loan and deposit growth: — Total average loans of $798.1 billion, up $29.5 billion from first quarter 2012 — Quarter-end loans of $800.0 billion, up $33.4 billion

— Quarter-end core loans(2) of $709.1 billion, up $50.8 billion

— Total average core deposits of $925.9 billion, up $55.4 billion from first quarter 2012 — Quarter-end core deposits of $939.9 billion, up $51.2 billion…”

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