(Reuters) -Wells Fargo's profit rose in the third quarter as the U.S. lender benefited from customers paying higher interest on loans.

The swiftest tightening of U.S. monetary policy in 40 years aimed at reining in sticky inflation has buoyed banks' interest income.

Federal Reserve officials have said monetary policy will need to stay restrictive for a longer period to bring inflation back down to its 2% target but are debating whether another hike is needed this year.

Wells Fargo said net interest income climbed 8% to $13.1 billion in the third quarter.

The bank authorized a new share buyback program of up to $30 billion in July in a show of confidence.

Still, Wells Fargo is working to fix a six-year-old scandal over sales practices that led to hefty fines and an asset cap imposed by the Fed.

Net income climbed to $5.77 billion, or $1.48 per share, in the three months ended Sept. 30, from $3.59 billion, or 86 cents per share, a year earlier, the bank reported on Friday.

(Reporting by Noor Zainab Hussain and Manya Saini in Bengaluru and Saeed Azhar in New York; Editing by Lananh Nguyen and Sriraj Kalluvila)