Wells Fargo reports record full year net income

Wells Fargo & Company, the largest U.S. mortgage lender, reported record net income for 2014 and slightly risen net income for fourth quarter on Wednesday.

The bank's full year net income was 23.1 billion U.S. dollars, compared with 21.9 billion dollars in 2013. For fourth quarter 2014, net income was 5.7 billion dollars, or 1.02 dollars per share, compared with 5.6 billion dollars, or 1.00 dollar per share, for fourth quarter 2013.

"Wells Fargo had another strong year in 2014, with continued strength in the fundamental drivers of long-term performance: growing customers, loans, deposits and capital," said Chairman and CEO John Stumpf in a statement.

"As the U.S. economy continues to build momentum, I'm optimistic that our diversified business model will continue to benefit all of our stakeholders in 2015," he added.

However, the company's quarterly mortgage banking noninterest income was 1.5 billion dollars, down 118 million dollars from third quarter, primarily driven by a decrease in mortgage originations in the fourth quarter.

Total quarterly revenue continued to rise, registering 21.4 billion dollars in the fourth quarter, up from 21.2 billion dollars in third quarter 2014.

Chief Financial Officer John Shrewsberry said, "Compared with the prior quarter, we increased deposits and grew commercial and consumer loans. Revenue increased as net interest income benefited from loan growth and the prudent deployment of our liquidity." Endi