U.S. Bancorp posted better-than-expected 1Q earnings, driven by lower provision for credit losses. Meanwhile, net revenue for the quarter missed analysts’ expectations, impacted by lower net interest and non-interest income. Shares of the bank closed 2.2% lower on April 15. U.S. Bancorp’s (USB) 1Q earnings more than doubled to $1.45 per share, compared to $0.72 reported in the prior-year period, and beat analysts’ expectations of $0.96. Net revenue of $5.47 billion missed the Street’s estimates of $5.53 billion and plunged 5.2% from the year-ago period. Net interest income came in at $3.1 billion, down 4.9% year-over-year due to low interest rates, while non-interest income decreased 5.7% to $2.
https://www.tipranks.com/news/u-s-bancorp-1q-profit-exceeds-estimates-misses-on-revenue
US Bancorp (NYSE:USB)
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