U.S. Bancorp Expects Net Interest Income to Drop in 4Q

Date : 10/16/2019 @ 2:27PM
Source : Dow Jones News
Stock : US Bancorp (USB)
Quote : 58.62  -0.28 (-0.48%) @ 7:55PM

U.S. Bancorp Expects Net Interest Income to Drop in 4Q

US Bancorp (NYSE:USB)
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   By Allison Prang 

U.S. Bancorp (USB) is expecting net interest income to slip in the fourth quarter.

Chief Financial Officer Terry Dolan told analysts Wednesday that the company expects fully-taxable equivalent net interest income to fall in the low-single digits in the fourth quarter from the comparable quarter a year ago. It also expects fee income to increase in the mid-single digits on a core basis, he said.

The company is still expecting its operating leverage to be positive on a core basis this year, Mr. Dolan said. It also still expects a taxable equivalent tax rate of about 20%, Mr. Dolan said.

The regional lender also expects its "loan loss provision expense growth will continue to be reflective of loan growth," Mr. Dolan said. It also expects credit quality, when compared to the third quarter, will stay stable this quarter, he said.


Write to Allison Prang at allison.prang@wsj.com


(END) Dow Jones Newswires

October 16, 2019 10:12 ET (14:12 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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