Wells Fargo on Friday reported $5.1 billion in profit for the fourth quarter, a 24 percent increase, driven by the bank's lucrative mortgage business.

Seizing on low-interest rates that have spurred a flurry of refinancing activity, the San Francisco-based bank again notched record profits. For the last 12 quarters, profits at the bank have increased.

In this latest quarter, Wells Fargo reported earnings of 91 cents a share, which exceeded analysts' expectations. Ahead of the report, analysts polled by Thomson Reuters estimated that the bank would report earnings of 89 a share.

Wells Fargo, unlike many of its rivals, has been able to increase its revenue. Wells Fargo reported $21.95 billion in revenue in the fourth quarter, up 7 percent from a year earlier.

Much of the revenue gains stemmed from the bank's consumer lending business, especially as borrowers jumped on record low interest rates to refinance their mortgages. Wells Fargo, which dominates the market as the nation's largest mortgage lender, got $152 billion in home mortgage applications, down from $157 billion in the fourth quarter of 2011.

Profits in the community banking division, which spans Wells Fargo's retail branches and mortgage business, increased 14 percent to $2.9 billion.

The bank has benefited from sweeping federal stimulus initiates that buoyed the mortgage business. The Treasury Department has helped spark Americans to refinance their mortgages.