Wells Fargo profit falls 12 percent

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© Reuters. FILE PHOTO: A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto© Reuters. FILE PHOTO: A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto

(Reuters) – Wells Fargo & Co (N:) 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 (N:) reported an 18.3 percent rise in quarterly profit on Friday, while Citigroup’s (N:) profit rose 16 percent on lower taxes and higher fee income.

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