One of Iowa’s largest banks revealed record profits in its quarterly report today. Chief Financial Officer Howard Atkins says the records included quarterly revenue that totaled eight-point-eight-Billion dollars. It wasn’t just checking and savings that helped the big bank stay in the black.
Earnings per share were up ten-percent and he says those earnings oer share, or E-P-S, have grown in 17 of the last eighteen quarters. In a teleconference that was also web-cast for investors and consumers, Atkins listed several milestones.
Revenues from mortgage servicing hit a record of one-point-one-Trillion dollars, up 7-percent from a year ago, the the insurance business saw record revenues of 364-Million, up two-percent from a year ago. Wells Fargo of San Francisco merged in 1998 with Midwestern-based Norwest Bank, a big move for both.
Regional banking including a network of retail bank stores has another record-breaking quarter with four-point-six-Million core-product sales. Atkins says that retail banking hit a record of five “products” per household, up from three at the time of the Norwest – Wells merger.
Atkins said the bank works to “cross-sell” several of its products to the average customer. He says the bank sells “packages,” including a checking account and other products like credit and debit cards, savings accounts and home-equity loans. It’s working — he says package sales were up 48-percent from the second quarter of 2005 and just over half the bank’s customers got some kind of package of financial services.
Atkins said in the webcast that he still foresees room to grow, to get the average customer to use eight products, noting more people all the time continue to get and use credit cards and debit cards.
