Wells Fargo’s quarterly profit rises 22%

Wells Fargo’s quarterly profit rises 22%

FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo

(Reuters) – Wells Fargo & Co (WFC.N) reported a 22% increase in quarterly profit on Tuesday, helped partly by the fourth-largest U.S. lender’s aggressive cost cutting.

Net income applicable to common stock rose here to $5.85 billion, or $1.30 per share, in the second quarter ended June 30, from $4.79 billion, or 98 cents per share, a year earlier.

Analysts had expected a profit of $1.15 per share, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.

Reporting by Imani Moise in New York and Noor Zainab Hussain in Bengaluru; Editing by Sriraj Kalluvila

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