Wells Fargo reports higher fourth-quarter profit
Jan 11 (Reuters) - Wells Fargo & Co on Friday reported a higher fourth-quarter profit as the bank set aside less money to cover bad loans and made more fees from mortgages.
The fourth-biggest U.S. bank said net income was $5.1 billion, or 91 cents a share, compared with $4.1 billion, or 73 cents a share, in the same period a year earlier.
The latest results included a previously announced pre-tax charge of $644 million for Wells Fargo's share of an $8.5 billion settlement that ends a U.S. government-mandated review of financial crisis-era foreclosures. 1/8ID: nL1E9C73TJ 3/8
(Reporting By Rick Rothacker in Charlotte, North Carolina; editing by John Wallace)
Jan 11- Wells Fargo& Co on Friday reported a higher fourth-quarter profit as the bank set aside less money to cover bad loans and made more fees from mortgages. The fourth-biggest U.S. bank said net income was $5.1 billion, or 91 cents a share, compared with $4.1 billion, or 73 cents a share, in the same period a year earlier.