Wells Fargo's quarterly profit falls 3.5 percent

[July 15, 2016]  (Reuters) - Wells Fargo & Co, the No. 1 U.S. bank by market value, reported a 3.5 percent fall in quarterly profit as it set aside more money to cover potential loan losses.

The bank, which is also the No. 1 U.S. mortgage lender and a major lender to the energy sector, said its net income applicable to common shareholders fell to $5.17 billion in the quarter ended June 30, from $5.36 billion a year earlier, while earnings per share slipped to $1.01 from $1.03.

Analysts on average had expected the San Francisco-based bank to report earnings of $1.01 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported on Friday were comparable.

(Reporting by Nikhil Subba in Bengaluru; Editing by Ted Kerr)

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