Cost cuts help Wells Fargo boost quarterly profit

July 11 Fri Jul 11, 2014 8:12am EDT

July 11 (Reuters) - Wells Fargo & Co, the largest U.S. mortgage lender, reported a 3 percent rise in quarterly profit as cost cuts helped to make up for a slight fall in revenue.

Net income applicable to common shareholders rose to $5.42 billion, or $1.01 per share, in the second quarter from $5.27 billion, or 98 cents per share, a year earlier.

This is the first quarter since 2009 that Wells Fargo did not increase its earnings-per-share from the preceding quarter, ending a 17-quarter streak.

Revenue slipped to $21.1 billion from $21.4 billion in the second quarter of 2013. (Reporting by Peter Rudegeair and Tanya Agrawal; Editing by Ted Kerr)

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