Wells Fargo & Co reported a 23 percent jump in first-quarter profit on Friday as the bank set aside less money to cover bad loans and it held down costs.

The fourth-biggest U.S. bank said net income applicable to common shareholders rose to $4.93 billion, or 92 cents per share, in the quarter, from $4.02 billion, or 75 cents per share, a year earlier. (Reporting by Rick Rothacker in Charlotte and Jochelle Mendonca in Bangalore; Editing by Sriraj Kalluvila)