Wells Fargo Card Services and Wells Fargo Financial Bank reported fourth quarter outstandings of $7,512,914,108, a 10.3% increase over the same period one year ago. Fourth quarter card volume rose 44% for Wells Fargo Financial Bank, and nearly 11% for Wells Fargo Card Services. Combined, Wells Fargo Card Services and Wells Fargo Financial Bank reported 4Q/03 volume of $4,222,421,863, a 13.5% increase over 4Q/02, according to CardData ([www.carddata.com]). At the end of the fourth quarter, Wells had 3,909,580 active accounts, an 11.4% increase over the prior year. In its earnings reports, Wells noted that its overall net credit losses for the fourth quarter were $465 million, including a $30 million loss on the sale of a sub-prime credit card portfolio. For complete details on Wells Fargo Card Services and Wells Fargo Financial Bank fourth quarter results visit CardData ([www.carddata.com]).
Issuer 4Q/03 Outstandings 4Q/03 Volume 4Q/03 Actives
Wells Fargo Card Services (IA) $6.2b(+8.8%) $3.8b(+10.7%) 3.4m(+6.8%)
Wells Fargo Financial Bank (SD) $1.3b(+17.0%) $375.3m(+44.2%) 539.6k(+46.7%)
Total $7.5b(+10.3%) $4.2b(+13.5%) 3.9m(+11.4%)
Source: CardData (www.carddata.com)