USB US Bancorp

By Dean Seal

U.S. Bancorp's revenue climbed in its third quarter on a jump in net interest income, while earnings came in just above Wall Street analyst expectations.

The Minneapolis-based parent company of U.S. Bank posted a profit of $1.81 billion, or $1.16 a share, in the quarter ended Sept. 30, compared with $2.03 billion, or $1.30 a share, in the same period last year. Analysts polled by FactSet had been expecting earnings of $1.14 a share.

Merger and integration-related charges associated with the bank's acquisition of MUFG Union Bank added up to $42 million, or $33 million net of taxes, dragging earnings down by 2 cents a share.

Net interest income was $3.86 billion, compared with $3.17 billion last year. Analysts were expecting $3.73 billion.

Revenue was $6.33 billion, up from $5.89 billion last year. Analysts had been expecting $6.24 billion, according to FactSet.

Provision for credit losses was $362 million, compared with a benefit of $163 million in the year-ago period.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 14, 2022 07:34 ET (11:34 GMT)

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