Wells Fargo 1Q results fall in line with forecast

Click here to see the Wells Fargo 1st Quarter Earnings report.

By SARA LEPRO, AP Business Writer

SAN FRANCISCO (AP) - Wells Fargo is reporting a record first-quarter profit in line with its forecast.

The San Francisco-based bank, which bought Charlotte, N.C.-based Wachovia last fall at the height of the credit crisis, says it earned $2.38 billion, or 56 cents per share. This compares with a profit of $2 billion, or 60 cents per share, a year earlier.

Before paying preferred dividends, the company earned $3.05 billion.

Total revenue was $21 billion, slightly more than the bank had forecast.

Thomson Reuters says analysts were expecting earnings of 41 cents per share on revenue of $19.37 billion.

Wells Fargo had surprised investors earlier this month when it said it would report a record first-quarter profit of $3 billion, much more than analysts had been expecting.

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