Net income for year up 22 percent at Norwest; Strong fourth- quarter earnings help to make it a record year for company.(BUSINESS)

From: Star Tribune (Minneapolis, MN) | Date: January 17, 1997| Author: | Copyright information

Norwest Corp. Thursday reported fourth-quarter net income of $308.1 million, or 81 cents in fully diluted earnings per share, an 18.7 percent jump from a year ago. For the year, Norwest generated a record $1.17 billion, or $3.10 a share, in net income, up 22 percent from 1995.

Figures do not include a non-recurring $19 million assessment for the Savings Association Insurance Fund.

Minneapolis-based Norwest's three main business divisions - banking, finance and mortgage banking - all contributed to its 22.1 percent return on equity and a 1.52 return on assets. Norwest ...

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