Wells Fargo & Co., the San Francisco banking giant with branches throughout Connecticut, posted record net income in the first quarter driven by strong revenues from noninterest services.
For three months ended March 31, Wells netted $4.25 billion, or 75 cents a share, up 3 percent from $3.8 billion, or 67 cents a share, netted the same period in 2011.
The bank said credit-quality also improved in the quarter, although its overall volume of outstanding loans dropped in the first quarter compared to the level at the end of 2011.
Wells Fargo, which recently finished absorbing former Wachovia Bank, awaits closing later in April on its purchase of BNP Paribas's North American energy lending business, which includes some $3.9 billion of loans outstanding.
Wells Fargo is the nation's fourth largest bank, with assets of $1.3 trillion.