Profit soars at new Wells Fargo

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Monday, July 19, 1999 | 10:42 a.m.

SAN FRANCISCO -- Wells Fargo & Co. today reported a 29 percent jump in second-quarter earnings, in line with expectations, as it began to see the benefits of its merger with Norwest Corp.

Wells Fargo, the No. 7 bank in the country and No. 2 in Nevada, reported record net income of $931 million, or 55 cents a share, beating Wall Street's forecast by a penny.

The San Francisco-based company earned $719 million, or 43 cents a share, for the second quarter of 1998.

Revenues were $5.31 billion, up from $5.21 billion.

"We're pleased with the progress of our merger integration to date and we continue to be on schedule for systems conversions, which will begin later this year in the overlapping banking states of New Mexico, Nevada and Arizona," Dick Kovacevich, Wells Fargo's president and chief executive officer, said in a statement.