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Wells Fargo profit rises 13 pct after reserve release

(Reuters) - Wells Fargo & Co (NYS:WFC), the biggest U.S. mortgage lender, reported a 13 percent rise in third-quarter profit after reducing the amount it had previously set aside for bad loans.

Net income applicable to common shareholders rose to $5.32 billion (3.32 billion pounds), or 99 cents per share, from $4.72 billion, or 88 cents per share, a year earlier.

(Reporting by Anil D'Silva in Bangalore and Peter Rudegeair in New York; Editing by Sriraj Kalluvila)