Wells Fargo, the No. 7 bank in the country, reported record net income of $931 million, or 55 cents a share, beating Wall Street's forecast by a penny.
The San Francisco-based company earned $719 million, or 43 cents a share, for the second quarter of 1998.
Revenues were $5.31 billion, up from $5.21 billion.
``We're pleased with the progress of our merger integration to date and we continue to be on schedule for systems conversions, which will begin later this year in the overlapping banking states of New Mexico, Nevada and Arizona,' Dick Kovacevich, Wells Fargo's president and chief executive officer, said in a statement.
The company's stock fell 50 cents to $42.62 1/2 a share on the Big Board.
Net income for the first six months of 1999 was $1.82 million, or $1.08 a share, up from $1.40 billion, or 85 cents a share.
Revenues were $10.53 billion vs. $10.18 billion. |
