March 13 (Bloomberg) -- Wells Fargo & Co., the largest U.S. home lender, increased its quarterly dividend by 83 percent following the Federal Reserve’s test of how the bank would fare in an economic decline.

The dividend will rise to 22 cents a share from 12 cents, San Francisco-based Wells Fargo said today in a statement. The Fed didn’t object to the bank’s capital plan, Wells Fargo said.

--Editor: Dan Reichl

To contact the reporter on this story: Dakin Campbell in New York at dcampbell27@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net