Wells Fargo Pulls Off a 4th Quarter Profit

From Julianne Pepitone at CNNMoney: Well Fargo swings to a profit

Wells Fargo shows a fourth-quarter profit as it repaid $25 billion in bailout funds.

The bank reported a fourth-quarter net income of $2.8 billion.

Wells Fargo earned 8 cents per share, compared with a loss of 84 cents in the year earlier quarter.

Analysts had expected a loss of 1 cent a share for the fourth quarter.

In the fourth-quarter, earnings per share share were reduced by 47 cents for preferred stock dividends and stock redemption's related to TARP.

Revenue rose in the quarter to $22.7 billion. wells' revenue totaled $9.48 billion.

Writedowns totaled $5.4 billion, or 2.7% of average loans, up from $5.1 billion, or 2.5%, in the third quarter.

Wells' earnings report came in along with a ton of other financial institutions such as Bank of America who reported a fourth-quarter loss of $5.2 billion.