Wells Fargo tops JPMorgan as most profitable bank



Wells Fargo & Co. posted a sturdy 10 percent gain in earnings for its fourth quarter, and ended 2013 as the nation’s most profitable bank, topping the full-year profits of JPMorgan Chase & Co., the company reported Tuesday.

For the October-December fourth quarter, Wells Fargo posted $5.6 billion in profits, up 10 percent from the year-ago quarter. Revenue for the quarter totaled $20.7 billion, down 5.5 percent from the year before.

San Francisco-based Wells Fargo posted profits of $21.9 billion in 2013, up 16 percent from 2012. For the full year, JPMorgan Chase reported a profit of $17.9 billion.

Wells Fargo has nine Clark County branches and about 70 other branches in the Portland metropolitan area, said spokesman Tom Unger.It was the county’s most popular bank, as measured by deposits, in the most recent Federal Deposit Insurance Corp. report for the period that ended June 30, 2013. In that period, Wells Fargo captured 17.6 percent of Clark County’s market share, with $806.5 million in deposits. In the previous year, it had a 12.7 percent market share.