Wells Fargo & Co.'s profit rose as it earned more from interest rate payments in the first quarter, helped by the U.S. Federal Reserve's tighter monetary policy, the lender reported Friday.

The fourth-largest U.S. lender reported a profit of $4.99 billion, or $1.23 per share, for the quarter ended March 31, compared with $3.79 billion, or 91 cents per share, a year ago.