Wells Fargo quarterly profit rises 32 percent

© Reuters. FILE PHOTO: The sign outside the Wells Fargo & Co. bank in downtown Denver© Reuters. FILE PHOTO: The sign outside the Wells Fargo & Co. bank in downtown Denver

(Reuters) – Wells Fargo & Co (N:) posted a 32 percent rise in third-quarter profit on Friday, helped by an increase in net interest income and lower expenses.

Net income applicable to common stock holders rose to $5.45 billion, or $1.13 per share, in the quarter ended Sept. 30, from $4.13 billion or 83 cents per share a year ago. https://reut.rs/2NCtgK8

Analysts on average were looking for $1.17 per share, according to I/B/E/S data from Refinitiv. It was not immediately clear if the reported figures were comparable.

Peers JPMorgan Chase (N:) reported higher-than-expected quarterly profit on Friday on gains from higher interest rates and a growth in loans, while Citigroup’s (N:) profit rose 12 percent on lower taxes and a decrease in expenses.

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