U.S. Bancorp Reports Higher Profit, Beats Expectations
October 16 2019 - 7:36AM
Dow Jones News
By Patrick Thomas
U.S. Bancorp (USB) reported higher third-quarter earnings
Wednesday, helped by an increase in revenue.
The Minneapolis-based regional lender posted a profit of $1.91
billion, or $1.15 a share, compared with $1.82 billion, or $1.06 a
share, a year ago. Analysts surveyed by FactSet were expecting
earnings of $1.11 a share.
Net revenue rose 3.9% to $5.92 billion for the quarter, above
the $5.82 billion analysts had expected.
The bank's net interest income, the amount it makes from lending
minus the interest it pays out, rose nearly 1% to $3.31 billion.
The banks said net interest income grew mainly as a result of loan
growth and higher yields on reinvestment of securities.
Noninterest income at the bank rose 8% to $2.61 billion, above
what analysts were expecting.
Net interest margin, a profitability metric for banks, was
3.02%, down from 3.15% the same quarter a year earlier.
Write to Patrick Thomas at patrick.thomas@wsj.com
(END) Dow Jones Newswires
October 16, 2019 07:21 ET (11:21 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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