Wells FargWells Fargo, U.S. Bank, show improvement in 4th quarter, U.S. Bank, show improvement in 4th quarter

Wells Fargo & Co. reported net income up 21 percent in its fourth quarter, while rival U.S. Bank reported a 61.8 percent improvement.

Wells Fargo & Co. reported record net income for the quarter of $3.4 billion. Earnings per share climbed to 61 cents from 8 cents per share in the year-earlier quarter.

Wells Fargo Chairman and CEO John Stumpf said growth in loans and deposits, solid capital levels and improved credit quality were observed as the United States economy improved.

U.S. bank reported net income of $974 million compared to $602 million per share in the fourth quarter of 2010. Earnings per share rose to 49 cents from 30 cents in the last quarter of 2009.

U.S. Bank Chairman and CEO Richard K. Davis said the results included the second quarter of consecutive growth in average commercial loans, indicating new and expanded lending activity from U.S. Bank's commercial customers.

For the full year, Wells Fargo reported earnings of $2.21 per share, up from $1.75 per share in the fiscal 2009. Net income rose to $12.36 billion from $12.28 billion in fiscal 2009.

U.S. Bank's full-year results included a 50.4 percent increase in net income, to $3.3 billion, and a 78.4 percent improement in earnings per share, to $1.73.