Wells Fargo Bank forecasts record profit, on the basis of I quarter of $ 3 billion U.S. $

On Thursday, Wells Fargo Bank reported that, on the basis of I quarter of its profit could reach a record 3 billion dollars or 0.55 dollars per 1 share after the payment of dividends on preferred shares. Revenues for the first three months of this year, is expected to grow by 16% compared to the same period of 2008 to 20 billion dollars

Analysts predicted profit of the bank at U.S. $ 0.23 per share and revenue of 19 billion dollars in the I quarter of 2008, Wells Fargo profits amounted to $ 2 billion

Wells Fargo became the first bank, announced on the projected financial performance for the I quarter. Publication of the official financial statements of American banks would begin next week.

Previously, it was reported that some banks might announce losses. In particular, Oppenheimer & Co analysts have revised the forecast for a quarterly profit Morgan Stanley (+5.3%), stating that the bank may obtain damages in the I quarter in connection with the narrowing of spreads of its own bonds.

By 18:15 Moscow time Wells Fargo shares went up by 24.7%. Stocks Citigroup, JPMorgan Chase and Bank of America added 9%, 12.8% and 19% respectively.

Index Dow Jones Industrial Average rose to the moment at 2.52%, the index S & P 500 - by 2.91%.