U.S. Bancorp cuts 2024 interest income forecast, Q1 profit falls 22% [Reuters]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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Source: Reuters
first-quarter profit on Wednesday, as higher deposit costs and a larger corpus of rainy-day funds to cover potential defaults continue to weigh on the sector. Shares of U.S. Bancorp fell 4% in morning trading. It was among the top losers on the broader regional banking index (.KRX) New Tab , opens new tab Lenders in the U.S. have been offering higher interest rates in recent months to retain deposits as customers are increasingly seeking better returns by placing their money in higher-yielding alternatives. U.S. Bancorp 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 compared to the over $16.6 billion it had expected earlier. "The reduction in guidance is disappointing," analysts at HSBC said in a note, adding the bank had recently reiterated the forecast at investor conferences. NII declined 14% to $3.99 billion in the first quarter,
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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