ABJ - October 17 - Wells Fargo & Company has reported record net income of $4.1 billion, or 72 cents a diluted common share, for third quarter 2011, up from $3.3 billion, or 60 cents a share, for third quarter 2010, and up from $3.9 billion, or 70 cents a share, for second quarter 2011.

“The economic recovery has been more sluggish and uneven than anyone anticipated,” said Chairman and CEO John Stumpf. “We can’t change the economic environment, yet we have worked hard to control the variables we can—making our products and services more relevant to individuals and businesses, focusing on the customer, making as many loans as possible and growing new relationships—as well as fostering longtime ones. We see the results of this focus in growing cross-sell, deposits, and loans. Customers need a trusted financial partner, especially in challenging economic times. Wells Fargo has proven to be that partner over and over again.

“We are nearing the completion of our three-year Wachovia integration process. To date, Regional Banking has now completed its store conversions and our retail stores are Wells Fargo coast-to-coast on a single platform.”

“This was a strong quarter for Wells Fargo, with solid growth in loans, deposits, investment securities and capital, along with improved credit quality and lower expenses,” said CFO Tim Sloan. “While our industry continued to face challenges due to economic conditions during this quarter, Wells Fargo’s diversified model was again able to produce solid results for our shareholders.”