Wells Fargo's quarterly profit rises 22%

Wells Fargo & Co 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 http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190716:nBw7qdcmPa 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.