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January 14, 2014 AT 5:35 AM
Wells Fargo, the biggest U.S. mortgage lender, reported a better-than-expected 11 percent rise in fourth-quarter profit as bad-loan provisions fell steeply, helping to make up for a big drop in mortgage lending. Net income applicable to common shareholders rose to $5.37 billion, or $1.00 per share, from $4.86 billion, or 91 cents per share, a year earlier.