U.S. Bancorp Posts Lower 1Q Profit
14 Abril 2022 - 8:38AM
Dow Jones News
By Will Feuer
U.S. Bancorp said its profit for the first quarter fell because
of a higher provision for credit losses.
The Minneapolis-based company, the parent of U.S. Bank, on
Thursday posted net income attributable to the company of $1.56
billion, compared with $2.28 billion a year earlier.
Earnings were 99 cents a share, compared with $1.45 a share.
Analysts polled by FactSet had been expecting earnings of 94 cents
a share.
Net interest income was $3.17 billion, compared with $3.06
billion, the company said. Analysts had been expecting $3.17
billion.
Net revenue was $5.59 billion, compared with $5.47 billion.
Analysts had been looking for $5.56 billion, according to
FactSet.
Provision for credit losses was $112 million, compared with a
benefit of $827 million set aside for possible bad loans in the
year-earlier period, the company said. In the fourth quarter,
provision for credit losses was a benefit of $13 million.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
April 14, 2022 07:23 ET (11:23 GMT)
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