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Wells Fargo Profit Rises as Lender Puts Brakes on Costs

Wells Fargo & Co., the largest U.S. home lender, said second-quarter profit climbed 19 percent as the bank clamped down on expenses. Results beat analysts’ estimates, and the shares rose 2 percent in New York trading.

Net income advanced to a record $5.52 billion, or 98 cents a share, from $4.62 billion, or 82 cents, a year earlier, the San Francisco-based company said today in a statement. The average estimate of 33 analysts surveyed by Bloomberg, excluding some items, was 93 cents a share.