US Bancorp (USB) Reports 55% Surge in Q1 Profit
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Price: $62.82 -3.04%
Financial Fact:
Mortgage banking revenue: 314M
Today's EPS Names:
JAGX, CLIR, ZTO, More
Financial Fact:
Mortgage banking revenue: 314M
Today's EPS Names:
JAGX, CLIR, ZTO, More
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US Bancorp (NYSE: USB) said Tuesday that its profit rose 55 percent in the first quarter, as the company took in more revenue from its fee-based businesses and losses on consumer loans were cut.
The Minneapolis-based bank reported quarterly earnings of $648 million, or 34 cents per share, compared to $419 million, or 24 cents per share, in the same quarter last year. The results were in line with analyst expectations. Sales at the bank, meanwhile, came in at $4.32 billion as net loan charge offs grew 2.3 percent to $1.14 billion from the previous quarter.
“This favorable change in delinquencies, in addition to the quarter’s modest increase in net charge-offs and nonperforming assets, supports our expectation that the level of both net charge-offs and nonperforming assets, excluding covered assets, will remain relatively stable in the second quarter of this year. Similar to the prior eight quarters, the Company recorded provision in excess of net charge-offs, further building and strengthening the allowance for credit losses,” U.S. Bancorp Chairman, President and CEO Richard K. Davis said.
In the quarter, total average deposits for the company rose 13.7 percent to $182.5 billion from the same period last year, while total average savings deposits rose 40.7 percent to $98.9 billion from $70.3 billion in the year-ago period.
Shares of US Bancorp are up 48 cents to $28.09 on Tuesday.
The Minneapolis-based bank reported quarterly earnings of $648 million, or 34 cents per share, compared to $419 million, or 24 cents per share, in the same quarter last year. The results were in line with analyst expectations. Sales at the bank, meanwhile, came in at $4.32 billion as net loan charge offs grew 2.3 percent to $1.14 billion from the previous quarter.
“This favorable change in delinquencies, in addition to the quarter’s modest increase in net charge-offs and nonperforming assets, supports our expectation that the level of both net charge-offs and nonperforming assets, excluding covered assets, will remain relatively stable in the second quarter of this year. Similar to the prior eight quarters, the Company recorded provision in excess of net charge-offs, further building and strengthening the allowance for credit losses,” U.S. Bancorp Chairman, President and CEO Richard K. Davis said.
In the quarter, total average deposits for the company rose 13.7 percent to $182.5 billion from the same period last year, while total average savings deposits rose 40.7 percent to $98.9 billion from $70.3 billion in the year-ago period.
Shares of US Bancorp are up 48 cents to $28.09 on Tuesday.
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