Wells Fargo & Co. announced today that in part because of the strength of its mortgage business, it plans to report a $3 billion net income for the first three months of 2009.
The company's net income comes out to $.55 per share, including $372 million to the government as repayment for its Capital Purchase Program investment.
Wells Fargo's revenue is projected to be $20 billion, a 16% increase over the previous quarter.
The bank will report more than $100 billion in mortgage loans. It saw a 64% increase in mortgage applications totaling $190 million, including $83 billion in applications in March.
The company expects Wachovia, which it acquired last year, to contribute about 40% of combined revenue.
"Our business momentum is strong, and we expect our operating margins to remain at the top of our peer group," CEO John Stumpf said in a statement. The company said it expects to report its results on April 22.
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