Wells Fargo reported record net income of $5.6 billion for Q3/13, was up 13% from $4.9 billion for the same quarter a year earlier. The bank noted that credit losses of $975 million compared with $2.4 billion a year earlier, represented a 59% year/year improvement.

In a presentation on its commercial portfolio, Wells Fargo showed that its lease financing average balances and yields for Q3/13 and Q3/12 were $11.7 billion and 5.29% and $12.6 billion and 6.60%, respectively. Interest income of $155 million in Q3/13 was down over 25% compared to $208 million in the same quarter 2012.

YTD lease financing average balances and yields were $12.2 billion and 6.26%, respectively compared to $12.9 billion and 7.47% for the same 2012 YTD period. YTD/13 interest income of $571 million was down 21% from $721 million a year earlier.

By way of comparison, Q3/13 C&I average balances and yields of $188.4 billion and 3.58%, respectively compared to $177.5 billion and 3.84% for the same quarter a year earlier. YTD/13 C&I average balances of $186.4 billion compared to $172.0 billion YTD/12 with yields of 3.67% and 4.07%, respectively.

The YTD overall average commercial loan portfolio of $362.6 billion was up from $348.5 billion a year earlier or about 4%. The overall yield of 3.71% was off 41 basis points from 4.12% YTD 2012.

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