By Dave Sebastian


U.S. Bancorp said its profit for the recent quarter rose because of lower provision for credit losses.

The company Thursday posted a first-quarter net income attributable to shareholders of $2.18 billion, compared with $1.09 billion a year earlier. Earnings were $1.45 a share, compared with 72 cents a share.

Analysts polled by FactSet had expected earnings of 96 cents a share.

Net interest income fell 5% to $3.06 billion because of the effect of lower rates compared with a year earlier and higher premium amortization in the investment portfolio related to mortgage refinancing activities, the company said.

Provision for credit losses was negative $827 million, compared with positive $993 million in the year-earlier period, the company said.

Net revenue fell 5.2% to $5.47 billion. Analysts were looking for $5.54 billion.

Noninterest income fell 5.7% to $2.38 billion, driven by lower mortgage banking revenue, deposit service charges, securities gains and other items, the company said. Noninterest expense rose 1.9% to $3.38 billion due to increases in personnel expense related to incentive compensation and the seasonal effect of payroll taxes, it said.


Write to Dave Sebastian at


(END) Dow Jones Newswires

April 15, 2021 07:28 ET (11:28 GMT)

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