Wachovia Earnings

Wachovia's fourth-quarter net income plummeted 98%, as the company's deteriorating lending portfolio forced it to dramatically increase its loan-loss provision. The company also saw its bad loans and delinquencies surge. The bank reported net income of $51 million, or three cents a share, versus $2.3 billion, or $1.20 a share, a year earlier. The latest results included five cents in net merger-related costs. The company increased its loan-loss provision by $1.3 billion.