Huffpost Business

Wells Fargo Posts Lowest Quarterly Profit In Six Years

Posted: Updated:

Wells Fargo & Co. ended 2007 with its lowest quarterly profit in six years, dragged down by the declining home values and mortgage mess that's tormenting most of the banking industry.

The San Francisco-based company said Wednesday that it earned $1.36 billion, or 41 cents per share, during the final three months of the year. That was 38 percent below net income of $2.18 billion, or 64 cents per share, at the same time in 2006.

The results matched the earnings estimates of analysts, who had already factored in a series of charges and loan loss reserves that Wells Fargo had announced in November.