Wells Fargo booked a bigger profit in the first quarter, as lower expenses helped offset a decline in net interest income.

Wells Fargo's profit rose 6% in the first quarter, driven by robust performance in its wealth management business. Shares of the San Francisco, California-based bank rose 1% in premarket trading after the bank also reiterated its annual interest income forecast.

Wells Fargo reported a significant rise in profit for the first quarter, thanks to strong performance in its wealth management sector. The net income increased to $4.89 billion, marking an improvement from the previous year's $4.