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A cable car passes the Wells Fargo Bank headquarters in the Financial District in San Francisco, California March 28, 2012. (ROBERT GALBRAITH/REUTERS)
A cable car passes the Wells Fargo Bank headquarters in the Financial District in San Francisco, California March 28, 2012. (ROBERT GALBRAITH/REUTERS)

Wells Fargo profit climbs on mortgage gains Add to ...

Wells Fargo & Co. reported higher first-quarter profits on Friday as the bank posted strong mortgage banking results and set aside less money for bad loans.

Wells Fargo, the nation’s fourth-biggest U.S. bank, said net income was $4.25-billion (U.S.), or 75 cents a share, in the quarter, compared with $3.76-billion, or 67 cents, a share in the same period a year earlier.

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