UPDATE 2-Wells Fargo profit beats as mortgage banking recovers

April 14, 2015 12:54 PM

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April 14 (Reuters) - Wells Fargo & Co, the largest U.S. mortgage lender, reported a better-than-expected quarterly profit as revenue from mortgage banking rose after four quarters of decline.

Lower mortgage rates increased demand for refinancing in the first quarter, breathing some life into the U.S. mortgage market, which has been sluggish over the past year.

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