U.S. Bancorp 2Q Earnings Fall as Provision for Credit Losses Rises
19 Juli 2023 - 1:35PM
Dow Jones News
By Will Feuer
U.S. Bancorp posted lower earnings for the second quarter as it
provisioned more for potential credit losses.
The Minneapolis-based parent company of U.S. Bank posted a
profit of $1.36 billion, or 84 cents a share, in the second
quarter, compared with $1.53 billion, or 99 cents a share, in the
same period a year ago.
Stripping out one-time items, adjusted earnings came to $1.12 a
share, matching expectations by analysts, according to FactSet.
Net interest income rose 28.5% to $4.42 billion from a year ago,
but fell on a sequential basis.
Total revenue rose more than 19% to $7.18 billion. Analysts
surveyed by FactSet were expecting revenue of $7.17 billion.
Average total deposits rose to $497.3 billion in the second
quarter, up 8.9% from a year ago but down 2.6% from the first
quarter.
The company provisioned $821 million for credit losses, up from
$311 million a year earlier and $427 million in the first
quarter.
Shares fell 1.5% to $36.00 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 19, 2023 07:20 ET (11:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
US Bancorp (NYSE:USB)
Historical Stock Chart
Von Mär 2024 bis Apr 2024
US Bancorp (NYSE:USB)
Historical Stock Chart
Von Apr 2023 bis Apr 2024
