Wells Fargo profit falls 12 percent

[July 13, 2018]  (Reuters) - Wells Fargo & Co <WFC.N> on Friday posted a 12 percent decline in second-quarter profit, as loans fell and expenses rose.

 A Wells Fargo stagecoach is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo

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 <JPM.N> reported an 18.3 percent rise in quarterly profit on Friday, while Citigroup's <C.N> profit rose 16 percent on lower taxes and higher fee income.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Bernard Orr)

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