Fourth-quarter figures from US banking giant Wells Fargo (WFC: US) revealed yet more solid progress. Indeed, pre-tax profit rose 15 per cent year-on-year to $22.2bn (£13.5m), as the US economic recovery meant growing loan demand and improving credit quality.
IC TIP:
Buy
at
$46.4
The bank's non-performing loan book fell 21 per cent in the quarter and management believes that loan losses have fallen to "historic lows". What's more, the lender remains robustly capitalised and reported a Basel III-based capital ratio of 9.78 per cent.
