Fourth quarter net income climbed to $5.26 billion, or $1.16 per share, from $3.57 billion, or 88 cents per share, a year ago. Results for the fourth quarter of 2005 do not include MBNA, which was acquired on Jan. 1, 2006.
Excluding merger and restructuring charges, the company earned $5.01 billion, or $1.19 per share, in the latest quarter. That was a penny better than forecasts, according to a consensus estimate compiled Thomson Financial.
Revenue grew 34% to $18.46 billion from $13.81 billion last year, exceeding the $18.01 billion analysts were expecting.
At Wachovia, the nation’s fourth-largest bank, the acquisition of Golden West Financial and growth in fees boosted results.
Net income rose to $2.3 billion, or $1.20 per share, from $1.71 billion, or $1.09, a year earlier.
Excluding merger costs, profit totaled $2.33 billion, or $1.21 per share, topping the average analyst forecast by 3 cents, according to Reuters Estimates.
Revenue rose 31% to $8.59 billion, topping the average $7.91 billion forecast. Non-interest expense rose 18% to $4.93 billion. Loan losses more than doubled.