Wells Fargo reports higher fourth-quarter profit

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January 12, 2013 12:21 AM EST

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.

(Reporting By Rick Rothacker in Charlotte, North Carolina; editing by John Wallace)

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