Wells Fargo 2005 Annual Report Download - page 7

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• At year-end, the total value of our stock was $105 billion—
again making us one of the nation’s 20 most valuable companies.
• Return on equity, 19.57 percent; return on assets, 1.72 percent.
• Our credit quality remained excellent. Nonperforming loans
were at or near historic lows.
•Fortune ranked Wells Fargo “Most Admired Megabank”;
Barron’s ranked us the world’s most admired financial services
company and we continue to be the only U.S. bank with the
highest possible credit rating, “Aaa.”
• Community Banking achieved record profit of $5.53 billion,
up 13 percent with revenue increasing nine percent.
• In consumer banking, we sold almost 16 million products
(or “solutions”)—checking, savings, debit cards, loans, etc.—
to our customers, up 15 percent.
• Our loans to small businesses, primarily less than $100,000,
grew 18 percent. For the third consecutive year, we were the
nation’s #1 small business lender in total dollars. In the past
10 years, we’ve loaned more than $26 billion to small
businesses owned by African-Americans, Asian-Americans,
Latinos and women, exceeding our publicly-stated goals.
• For the seventh consecutive year, our cross-sell reached record
highs—4.8 products per retail banking household, 5.7 products
per Wholesale Banking customer. Our average middle-market,
commercial banking customer now has almost 7.0 products
with us—up from almost five just two years ago. In fact, more
than one of every five of our commercial banking offices
nationwide averaged eight products per customer.
• For the seventh consecutive year, Wholesale Banking achieved
record net income of $1.73 billion—with double-digit loan
growth this year across its businesses.
• Our Wholesale Banking business now is truly coast-to-coast,
with more than 600 offices nationwide. Across the Eastern
U.S., we have 175 offices for commercial banking, commercial
real estate, corporate banking, asset-based lending and
equipment finance. We’re attracting new commercial
customers in markets such as Atlanta, Boston, Cleveland,
Hartford (Conn.), Indianapolis, New York and Tampa.
Our primary strategy, consistent for 20 years,
is to satisfy all our customers’financial needs,
help them succeed financially, and through
cross-selling earn 100 percent of their business.
• We funded $366 billion in mortgages—our second highest
annual total ever—and continued to be the nation’s #1 retail
mortgage originator. Our owned mortgage servicing portfolio,
the nation’s second largest, rose 23 percent to $989 billion. The
housing market remained strong because new home construction
continued to lag the pace of new household formation.
• Our National Home Equity Group’s loans were $72 billion at
year-end with continued very strong credit quality—ranking
us the nation’s #1 home equity lender for the fourth consec-
utive year.
• Wells Fargo Financial—our consumer finance business—
grew average receivables 25 percent.
• Watchfire GomezPro ranked Wells Fargo internet banking
#1 among all U.S. banks. Global Finance magazine named
wellsfargo.com best in the U.S. in six categories including
“best corporate/institutional internet bank.” Information
technology magazine CIO named Wells Fargo one of its
100 Bold winners for our innovative Commercial Electronic
Office®(CEO®) portal, now used by almost three-fourths of
our commercial customers for everything from loan payments
to foreign exchange.
Top 10 Consumer Internet Banks
1. Wells Fargo 6. First National Bank of Omaha
2. Citibank 7. HSBC
3. Bank of America 8. U.S. Bank
4. E*Trade Bank 9. Chase
5. Huntington 10. Wachovia
Source: Watchfire GomezPro,3Q05
• To be the financial services company of choice for remittance
customers, we expanded that service beyond Mexico, India
and the Philippines into El Salvador and Guatemala. The
number of accounts we opened for Mexican Nationals using
the Matricula Consular card as a form of identification
surpassed 600,000. We were the first financial institution
in the nation to promote the use of this card as a form of