Wells Fargo & Co , the fourth-largest U.S. bank, reported a 21 percent increase in fourth-quarter profit, helped by double digit revenue growth in multiple business units and lower credit costs.

The San Francisco-based bank said profit rose to $3.4 billion, or 61 cents a share, compared to a year-earlier profit of $2.8 billion or 8 cents a share.

(Reporting by Joe Rauch, editing by Dave Zimmerman)