Wells Fargo reported full year 2016 net income of $21.9 billion, down 4.4% from $22.9 billion a year earlier. Total revenue of $88.3 billion was up 3% from $86.1 billion in 2015.

The following highlights were excerpted from the news release:

• Full year 2016 interest income of $53.7 billion was up 9% from $49.3 billion in 2015. Interest income from loans was up 8%, or $2.9 billion, compared to the previous year.
• Full year 2016 provision for credit losses of $3.77 billion was up from $2.44 billion or $1.33 billion compared to 2015.
• Interest income on lease financing average balances of $17.95 billion was $916 million in 2016, up 59% from $577 million on average balances of $12.30 a year earlier. The average yield of 5.10% in 2016 was up 40 basis points from a yield of 4.70% in 2015.
• The net interest margin for the year ended December 31, 2016 was 2.86%, down from 2.95% a year earlier.

Wells Fargo CEO Tim Sloan said, “We continued to make progress in the fourth quarter in rebuilding the trust of our customers, team members and other key stakeholders. I am pleased with the progress we have made in customer remediation, the ongoing review of sales practices across the company and fulfilling our regulatory requirements for sales practices matters. As planned, we launched our new Retail Bank compensation program this month, which is based on building lifelong relationships with our customers. While we have more work to do, I am proud of the effort of our entire team to make things right for our customers and term members and to continue building a better Wells Fargo for the future.”