Wells Fargo earnings set mark

Wells Fargo & Co.

last week reported record diluted earnings per common share of 88 cents for the first quarter of 2003, compared with 80 cents in the first quarter of 2002, up 10 percent.

Net income was a record $1.49 billion, up 8 percent from $1.38 billion in the first quarter of 2002.

The San Francisco-based company's northern Nevada operations hold the largest share of the local banking market.

Revenue increased 9.3 percent from first quarter 2002.

Revenue growth was broad based, reflecting both strong net interest income (up 7 percent) as well as strong fee-based income (up 12 percent), the company said.

Loans averaged $199 billion for first quarter 2003, up 16 percent from $172 billion in first quarter 2002.