Wells Fargo's first-quarter profit jumped 22%, topping Street estimates, as the San Francisco bank reported stronger credit, although it logged lower mortgage-banking income and its closely watched net interest margin continued to decline.

The bank reported a profit of $5.17bn, compared with a year-earlier profit of $4.25bn. Per-share earnings, reflecting the payment of preferred dividends, were 92 cents versus 75 cents a year earlier.