Wells Fargo earnings in line with expectations

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Wells Fargo, the biggest U.S. mortgage lender, reported a slight increase in quarterly profit as net interest income rose.

Net income applicable to the bank's common shareholders rose to $5.38 billion, or $1.02 per share, in the fourth quarter from $5.37 billion, or $1.00 per share, a year earlier.

Revenue rose to $21.44 billion from $20.67 billion a year ago.

Analysts had expected Wells Fargo earnings of $1.02 per share with revenue of $21.23 billion, according to a consensus estimate from Thomson Reuters.

Wells Fargo shares were little changed immediately following the announcement. (Get the latest quote here.)

Wells Fargo is among the first of the large U.S. banks reporting fourth-quarter earnings this week. Major banks have faced concerns about exposure to energy companies as oil prices sit near six-year lows.

Investors had also been watching Wells Fargo's commercial loan and mortgage businesses coming into the announcement.

-Reuters contributed to this article

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