SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OF
THE SECURITIES EXCHANGE ACT OF 1934
The registrant meets the conditions set forth in
General Instruction J(1)(a) and (b) of Form 10-K and
is therefore filing this Form with the reduced disclosure format.
For the fiscal year ended December 31, 1995
Commission file number 2-80466
Norwest Financial, Inc.
(Exact name of registrant as specified in its charter)
Iowa
(State or other jurisdiction of incorporation or organization)
42 1186565
(IRS Employer Identification No.)
206 Eighth Street, Des Moines, Iowa
(Address of principal executive offices)
50309
(Zip Code)
Registrant's telephone number, including area code: (515) 243-2131
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Name of each exchange on which registered:
7% Senior Notes 2003 Series New York Stock Exchange
due January 15, 2003
4.97% Senior Subordinated Medium- New York Stock Exchange
Term Notes, Series A, due
October 29, 1996
5.20% Senior Subordinated Medium- New York Stock Exchange
Term Notes, Series A, due
April 29, 1997
Indicate by check mark whether the registrant (1) has
filed all reports required to be filed by Section 13
or 15(d) of the Securities and Exchange Act of 1934
during the preceding 12 months (or for such shorter
period that the registrant was required to file such
reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K is not
contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this
Form 10-K. (X)
State the aggregate market value of the voting stock
held by non-affiliates of the registrant. $0
Indicate the number of shares outstanding of each of
the registrant's classes of common stock, as of the
latest practicable date. Common Stock (Without Par
Value): 1,000 shares outstanding as of March 11,
1996.
NORWEST FINANCIAL, INC.
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
Exhibit (12)
<TABLE>
<CAPTION>
Years Ended December 31,
(Thousands of Dollars)
1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C>
Net earnings $267,941 $223,340 $203,297 $164,204 $130,880
Add:
Fixed charges:
Interest including
amortization of
debt expense 359,079 259,605 242,440 236,337 255,075
One-third of
rentals* 10,317 9,747 10,146 8,207 7,209
Total fixed
charges 369,396 269,352 252,586 244,544 262,284
Provision for
income taxes 147,873 116,900 104,228 84,334 63,985
Total net earnings,
fixed charges and
income taxes -
"Earnings" $785,210 $609,592 $560,111 $493,082 $457,149
Ratio of earnings
to fixed charges 2.13 2.26 2.22 2.02 1.74
</TABLE>
*One-third of rentals is deemed representative of the interest factor.
EXHIBIT 23
Deloitte &
Touche LLP
(logo) Two Prudential Plaza Telephone:(312) 946-3000
180 North Stetson Avenue Facsimile:(312) 946-2600
Chicago, Illinois 60601
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement No.
33-62635 of Norwest Financial, Inc. on Form S-3 of our report dated January 15,
1996, appearing in this Annual Report on Form 10-K of Norwest Financial, Inc.
for the year ended December 31, 1995.
\s\ Deloitte & Touche LLP
March 13, 1996
Deloitte Touche
Tohmatsu
International
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM NORWEST
FINANCIAL INC AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<CASH> 72,991
<SECURITIES> 757,291
<RECEIVABLES> 5,834,844
<ALLOWANCES> 158,618
<INVENTORY> 0
<CURRENT-ASSETS> 0<F1>
<PP&E> 158,222
<DEPRECIATION> 94,334
<TOTAL-ASSETS> 7,539,259
<CURRENT-LIABILITIES> 0<F1>
<BONDS> 6,040,014<F2>
<COMMON> 3,855
0
0
<OTHER-SE> 1,033,742
<TOTAL-LIABILITY-AND-EQUITY> 7,539,259
<SALES> 0
<TOTAL-REVENUES> 1,419,358
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 501,147
<LOSS-PROVISION> 143,318
<INTEREST-EXPENSE> 359,079
<INCOME-PRETAX> 415,814
<INCOME-TAX> 147,873
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 267,941
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>NORWEST FINANCIAL INC HAS A NON-CLASSIFIED BALANCE SHEET
SO THIS INFORMATION IS UNAVAILABLE.
<F2>INCLUDES $2.0 BILLION OF SHORT-TERM LOANS
</FN>
</TABLE>
