U.S. Bancorp 4Q Profit Falls, Provisions Rise
January 20 2021 - 07:34AM
Dow Jones News
By Dave Sebastian
U.S. Bancorp. said its profit for the recent quarter rose as
noninterest income increased and noninterest expense fell, offset
by lower net interest income and higher provision for credit
losses.
The company on Wednesday posted a fourth-quarter net profit of
$1.52 billion, or 95 cents a share, compared with $1.49 billion, or
90 cents a share, in the same period last year. Analysts polled by
FactSet had expected earnings of 95 cents a share.
"The components of net income are being adversely impacted by
the Covid-19 environment resulting in significantly lower interest
rates and consumer and business spending activities as well as
changes in credit quality," the company said.
Net interest income fell to $3.18 billion from $3.21 billion.
Analysts were looking for $3.2 billion.
Provision for credit losses was $441 million, compared with $395
million in the same period last year.
Noninterest income rose to $2.55 billion from $2.44 billion.
Noninterest expense fell to $3.36 billion from $3.4 billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
January 20, 2021 07:19 ET (12:19 GMT)
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