Wells Fargo Touts Record Profits

Wells Fargo & Co., San Francisco, has reported record net income of $5.71 billion ($3.32 per share) for 2002, up 11% from $5.15 billion ($2.97 per share) in 2001.For the fourth quarter, net income totaled a record $1.47 billion ($0.86 per share), up 10% from $1.33 billion ($0.77 per share) a year earlier. Wells Fargo's mortgage origination volume totaled $333 billion for the year, which it termed an industry record. "The home finance businesses saw exceptional growth in 2002, with total originations of $333 billion surpassing our 2001 industry record of $202 billion," said Mark Oman, group executive vice president for home and consumer finance. The company's owned servicing portfolio ended the year at $535 billion, up 26%, and its home equity portfolio grew 41% to $36 billion, Mr. Oman said.