Wells Fargo profit rises 13 pct after reserve release

Reuters

Oct 11 (Reuters) - Wells Fargo & Co, the biggestU.S. mortgage lender, reported a 13 percent rise inthird-quarter profit after reducing the amount it had previouslyset aside for bad loans.

Net income applicable to common shareholders rose to $5.32billion, or 99 cents per share, from $4.72 billion, or 88 centsper share, a year earlier.

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