U.S. Bancorp Q1 Results Top Estimates

(RTTNews) - U.S. Bancorp (USB) reported Wednesday that net income attributable to U.S. Bancorp for the first quarter declined to $1.32 billion or $0.78 per share from $1.70 billion or $1.04 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.52 billion or $0.90 per share, compared to $1.88 billion or $1.16 per share in the year-ago quarter.

Total net revenue for the quarter decreased 6.4 percent to $6.72 billion, including $4.02 billion of net interest income and $2.70 billion of noninterest income, from $7.18 billion, including $4.67 billion of net interest income and $2.51 billion of noninterest income, in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.88 per share on revenue of $6.71 billion for the quarter. Analysts' estimates typically exclude certain special items.

Provision for credit losses for the quarter was $553 million, up from $427 last year.

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