Wells Fargo profit falls as expenses rise

[April 14, 2015]  (Reuters) - Wells Fargo & Co, the largest U.S. mortgage lender, reported a 2.6 percent fall in quarterly profit on Tuesday as expenses rose and the bank set aside more money to cover bad loans.

Net income applicable to Wells Fargo's common shareholders rose to $5.46 billion, or $1.04 per share, in the first quarter ended March 31 from $5.61 billion, or $1.05 per share, a year earlier.

(Reporting by Anil D'Silva and Neha Dimri in Bengaluru; Editing by Kirti Pandey)

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