Wells Fargo Reports 1Q2009 Financial Results

Wells Fargo has reported financial results for the first quarter of 2009 - reporting record profits of $3.05 billion on revenues of $21 billion. Revenues from cards and other fees were $1.8 billion.

“The best way to generate capital is to earn it,” said Wells Fargo President and CEO John Stumpf. “This has long been the hallmark of our company and we’re now seeing the initial signs of the earnings and capital-generating power of the combined Wells Fargo-Wachovia in our first quarter together, serving one of every three U.S. households."

Wells Fargo reported credit card chargeoffs grew to 10.13% with the bulk of those losses in the legacy Wells Fargo card portfolio. Its credit card portfolio has $22.8 billion in credit card outstandings (down 3%) which represents less than 3% of the bank's total loans. The bank also reported having 15.5 million active online customers and 3.7 million active bill pay customers (24% of online banking customers).