U.S. Bancorp's (USB) Q1 Earnings Beat Estimates, Provisions Rise [Yahoo! Finance]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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US:NYSE Investor Relations:
phx.corporate-ir.net/phoenix.zhtml%3fc%3d117565%26p%3dirol-presentations
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Source: Yahoo! Finance
However, the bottom line declined 22.4% from the prior-year quarter's level. Shares of USB have declined 3.90% in the pre-market trading despite better-than-anticipated earnings. A full day's trading will depict a better picture. Results have benefited from higher fee income. Moreover, lower expenses during the quarter were commendable. However, a decline in net interest income (NII) and a rise in provision for credit losses were major headwinds. Net income (GAAP basis) attributable to U.S. Bancorp was $1.32 billion, down 22.3% from the prior-year quarter's level. Revenues & Expenses Fall Total revenues in the reported quarter were $6.69 billion, down 6.4% year over year. The top line also missed the Zacks Consensus Estimate by a whisker. The tax-equivalent NII totaled $4.02 billion, down 14% from the year-ago quarter's level. The decrease was primarily due to the impact of higher interest rates on deposit mix and pricing, partially offset by higher rates on earning assets
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USB
Earnings
- 4/17/24 - Miss
USB
Sec Filings
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- USB's page on the SEC website