July 13, 2018 / 12:09 PM / 3 months ago

Wells Fargo profit falls 12 percent

July 13 (Reuters) - Wells Fargo & Co on Friday posted a 12 percent decline in second-quarter profit, as loans fell and expenses rose.

Net income applicable to common stock fell to $4.79 billion, or 98 cents per share, in the quarter ended June 30, from $5.45 billion, or $1.08 per share a year ago.

Analysts on average expected $1.12 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.

Peer JPMorgan Chase reported an 18.3 percent rise in quarterly profit on Friday, while Citigroup’s profit rose 16 percent on lower taxes and higher fee income.

Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr

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