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Wells Fargo's quarterly profit rises 16 percent

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By Reuters
Wells Fargo's quarterly profit rises 16 percent
FILE PHOTO: A Wells Fargo ATM machine is shown in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photo   -   Copyright  Mike Blake(Reuters)

(Reuters) – Wells Fargo & Co. reported a 16.4 percent increase in quarterly profit on Friday, as the lender continued to reap the benefits of its aggressive cost-cutting plans.

Net income applicable to common stock rose to $5.51 billion (4.22 billion pounds), or $1.20 per share, in the first quarter ended March 31, from $4.73 billion, or 96 cents per share, a year earlier.

Analysts had expected a profit of $1.09 per share, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Sriraj Kalluvila)