Wells Fargo Bank announced its first quarter report. The report showed that the market value of the United States the second largest bank in the first quarter of 2009 rose year-on-year net profit by 53%, reaching 3.05 billion U.S. dollars.
The bank profits come mainly from refinancing proceeds of growth and acquisition transactions. Report showed that the first quarter the bank has provided more than 1000 billion dollars in mortgage loans, the revenue from these loans increased by almost double to 21 billion U.S. dollars, not only to help the bank overcome the outstanding loans from the 33 the cost of 100 million U.S. dollars, but also boost the performance of the line.
In addition, the line on December 31 last year to acquire Wachovia transaction also rose in support of its performance. The bank also is expected to bring about mergers and acquisitions of five billion U.S. dollars of annual cost savings from the effect of the second quarter reflected.
Apr. 22, 2009
