Wells Fargo first-quarter profit beats on lower pr

(Reuters) - Wells Fargo & Co reported a higher-than-expected 23 percent rise in first-quarter profit on Friday as the bank set aside less money to cover bad loans and held down costs. The fourth-biggest U.S. bank by assets said net income applicable to common shareholders rose to $4.93 billion, or 92 cents per share, in the quarter, from $4.02 billion, or 75 cents per share, a year earlier. Analysts on average had expected earnings of 88 cents per share, according to Thomson Reuters I/B/E/S. ...