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U.S. Bancorp (NYSE:USB) is reliant on non-interest income this earnings season, as net interest income is expected to be below midpoint.
CEO Andrew Cecere had said at the Barclays 21st Annual Global Financial Services Conference that the FY23 net interest income is anticipated to be toward the lower end of the range, and the Q3 net interest margin is expected to be ~10 basis points or so lower than the Q2 level at 2.80%.
Stronger non-interest income growth and better expense control could help balance the results, a report by Bloomberg Intelligence said.
The bank is scheduled to announce Q3 earnings results on Wednesday, October 18th, before market open.
The consensus EPS estimate is $1.00 (-15.3% Y/Y) and the consensus revenue estimate is $7.02B (+10.9% Y/Y).
Over the last 2 years, USB has beaten EPS estimates 88% of the time and revenue estimates 75% of the time.
Over the last 3 months, EPS estimates have seen 1 upward revision and 15 downward revisions. Revenue estimates have seen 1 upward revision and 10 downward revisions.
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Source: seekingalpha.com
