April 12 (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, or $1.20 per share, in the first quarter ended March 31, from $4.73 billion, or 96 cents per share, a year earlier. reut.rs/2P8a214
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)