Wells Fargo earnings rise by 24% Wells Fargo kicked off the US bank earnings season with $5.1bn in net income for the fourth quarter, up 24 per cent on the same period last year and above analysts" estimates. The biggest US bank by market value enjoyed the benefits of strong loan growth and its dominant position in the US mortgage market. Earnings per share were 91 cents for the final three months of 2012. Analysts had expected about 89 cents. Revenue rose 7 per cent to $21.9bn. However, the Federal Reserve's low interest rates hurt the bank's net interest income - the difference between the rate at which it borrows and the rate at which it lends. In pre-market trading, the stock was down about 1 per cent. John Stumpf, chief executive, celebrated an "outstanding year." "From growing revenue, making strategic acquisitions and achieving efficiency improvements, I am extremely pleased with our 2012 performance," he said. Long admired by investors, including Warren Buffett, for its steady and strong earnings powered by the biggest mortgage business in the country, the San Francisco-based bank still has questions to answer in 2013. Among them is the durability of the wave of mortgage refinancings and whether new home sales can start to pick up the slack after the bulk of consumers have reset to lower rates and after Wells has finished charging them for the privilege. Then there is the other side of low interest rates. Wells is struggling, like its competitors, for net interest margin.