U.S. Bancorp cuts 2024 interest income forecast, reports 22% drop in first-quarter profit [Globe and Mail, The (Toronto, Canada)]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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Source: Globe and Mail, The
first-quarter profit as higher deposit costs and a larger corpus of rainy-day funds to cover potential defaults continue to weigh on the sector. Lenders in the U.S. have been offering higher interest rates to retain deposits in recent months as customers increasingly seek better returns by placing their money in higher-yielding alternatives such as money-market funds. Shares in the bank fell 3 per cent in premarket trading after the results. It now expects net interest income (NII), the difference between what banks pay customers on deposits and earn as interest on loans, between $16.1-billion and $16.4-billion for the full year. It had earlier forecast an NII of over $16.6-billion. NII declined 14 per cent to $3.99-billion in the first quarter, while net interest margin contracted to 2.70 per cent, compared with 3.10 per cent in the year-ago period. “Despite a challenging interest rate environment and pressure on industry deposit levels, we again saw growth in consumer depo
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News
- U.S. Bancorp (NYSE: USB) had its price target lowered by analysts at JPMorgan Chase & Co. from $45.00 to $43.50. They now have an "overweight" rating on the stock.MarketBeat
- Investors in U.S. Bancorp (NYSE:USB) have unfortunately lost 24% over the last three years [Yahoo! Finance]Yahoo! Finance
- U.S. Bank Freight Payment Index: Truck freight contraction continues [Yahoo! Finance]Yahoo! Finance
- U.S. Bank Freight Payment Index: Truck freight contraction continuesBusiness Wire
- U.S. Bancorp to speak at the Barclays Americas Select Franchise Conference 2024Business Wire
USB
Earnings
- 4/17/24 - Miss
USB
Sec Filings
- 5/1/24 - Form 10-Q
- 4/19/24 - Form 4
- 4/19/24 - Form 4
- USB's page on the SEC website