Wells Fargo & Co today reported a 16.4% increase in quarterly profit, as the lender continued to reap the benefits of its aggressive cost-cutting plans. 

Net income applicable to common stock rose to $5.51 billion, or $1.20 per share, in the first quarter ended March 31, from $4.73 billion, or 96 cents per share, a year earlier. 

Analysts had expected a profit of $1.09 per share, according to IBES data from Refinitiv.