The U.S. bank Wells Fargo today reported [PDF] fair quarterly earnings for Q1 2010.

The financial intermediary reported net income for the period of $2.5-billion ($0.45 per share), down significantly from $3.05-billion ($0.56 per share) in Q1 2009.

Total revenue in the quarter was $21.5-billion.

The decline in revenue comes as other U.S. financial intermediaries reported strong quarterly profits, including Morgan Stanley, Citigroup, Goldman Sachs, among other financial intermediaries in the country.

Despite the economic downturn and massive allowances for credit losses, the company still paid expected dividends on preferred stock.

Total loan losses were $5.3-billion in the quarter, though Wells Fargo CEO Mr. Stumpf said in a statement today he was encouraged by the credit market apparent improvement.

The Wells Fargo stock (NYSE:WFC) is trading down 1.93-percent to $33.05 per share.