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Wells Fargo Q1 2012 Earnings: Bank Sees Profits Rise On Strong Mortgage Results

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* Wells Fargo reports higher Q1 profit

* Q1 EPS 75 vs. 67 cents a year earlier

* Results helped by mortgage results

April 13 (Reuters) - Wells Fargo & Co on Friday reported higher first-quarter profits as the bank posted strong mortgage banking results and set aside less money for bad loans.

Wells Fargo, the nation's fourth-biggest U.S. bank, said net income was $4.25 billion, or 75 cents a share, in the quarter, compared with $3.76 billion, or 67 cents, a share in the same period a year earlier.

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