Fifth Third Bancorp's quarterly profit falls on lower interest income [Yahoo! Finance]
U.S. Bancorp (USB)
Last u.s. bancorp earnings: 4/15 06:45 am
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Source: Yahoo! Finance
Regional banks have steadily increased the interest rates they offer on deposit accounts to retain customers looking for greater returns by parking their money in higher-yielding alternatives. Cincinnati, Ohio-based Fifth Third's net interest income on a reported basis - the difference between what a bank earns on loans and pays on deposits - fell nearly 8.8% to $1.38 billion in the quarter. Net interest margin contracted to 2.86% in the first quarter versus 3.29% in the year-ago period. Fifth Third continues to expect its NII in 2024 to decline between 2% and 4%. Analysts on average expect it to fall 3.4%, according to LSEG data. Regional peers U.S. Bancorp and KeyCorp reported their earnings on Thursday and posted similar NII declines. Provision for credit losses fell to $94 million in the quarter from $164 million last year. Higher interest rates have also tempered the demand for loans as borrowers sit on the sidelines waiting for rate cuts. Fifth Third's total avera
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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
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- 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