Wells Fargo 2005 Annual Report Download - page 5

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3
This year’s outstanding results prove it once again.We have
the most talented, professional, caring, committed, ethical,
“customer first”team in all of financial services.Guided by
our vision, values, our time-tested business model,our
diversity of businesses and our conservative risk management
—all in place for 20 years—our team once again produced
outstanding, industry-leading results.That included double-
digit growth in revenue and earnings per share—which we
achieved not just this year, but also for the past 20,15, 10 and
five years. Over all these periods, our total stockholder return
was about double the S&P 500®
.Amazing!
To Our Owners,
It’s all the more amazing because our team achieved these
record results the past 20 years, while dealing with almost
every economic cycle and every economic condition a financial
institution can experience. High and low interest rates. Bubbles
and recessions. All types of yield curves (steep, flat and inverted).
High and low unemployment. No one can accurately predict
how the economy will perform in 2006 or in any year but for
Wells Fargo to achieve double-digit growth we must continue to
focus on our primary strategy, consistent for 20 years, which is
to satisfy all our customers’ financial needs, help them succeed
financially, and through cross-selling, gain wallet share and earn
100 percent of their business.
Among our 2005 achievements:
• Revenue growth of 10 percent—double-digits once again—
the most important measure of success in our industry—
outpacing our single-digit expense growth.
• Diluted earnings per share—a record $4.50, up 10 percent—
despite the $0.07 per share cost for increased bankruptcy
filings before the October change in federal bankruptcy laws.
• Net income—a record $7.7 billion, up 9 percent.
• Our stock price reached a record high close of $64.34 on
November 25, 2005.