By Will Feuer
U.S. Bancorp posted higher revenue for the first quarter, boosted by rising interest rates as well as its acquisition of MUFG Union Bank.
The Minneapolis-based parent company of U.S. Bank posted a profit of $1.70 billion, or $1.04 a share, in the first quarter, compared with $1.56 billion, or 99 cents a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings came to $1.16 a share. Analysts polled by FactSet were expecting earnings of $1.09 a share.
Net interest income rose 46%, to $4.67 billion, driven by both higher interest rates and the company’s acquisition of MUFG Union Bank.
Total revenue rose more than 28%, to $7.18 billion. Analysts surveyed by FactSet were expecting revenue of $7.14 billion.
Deposits fell to $70.89 billion at the end of the first quarter from $81.99 billion at the end of the fourth quarter. The company said deposit balances were “relatively stable” from March 8 to the end of the quarter.
The company provisioned $427 million for credit losses, up from $112 million a year earlier but down from $1.19 billion in the fourth quarter of 2022.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
04-19-23 0722ET
Source: marketscreener.com
