U.S. Bancorp 3Q Revenue Boosted by Interest Income
18 Octubre 2023 - 6:40AM
Noticias Dow Jones
By Dean Seal
U.S. Bancorp posted a smaller profit in the third quarter but
higher revenue as net interest income rose 10%.
The Minneapolis-based parent company of U.S. Bank posted a
profit of $1.52 billion, or 91 cents a share, compared with $1.81
billion, or $1.16 a share, in the same quarter a year ago. Analysts
polled by FactSet had been expecting earnings of 96 cents a
share.
Stripping out merger and integration-related charges from its
acquisition of MUFG Union Bank, earnings were $1.05 a share, above
analyst forecasts for $1.01 a share according to FactSet.
Net interest income came in at $4.27 billion, up from $3.86
billion in the year-ago quarter and down slightly from last
quarter.
Total quarterly revenue rose to $7.03 billion from $6.33 billion
last year, compared with analyst forecasts for $7.02 billion
according to FactSet.
Average total deposits rose 12% year-over-year to $512.29
billion and were up from $497.27 billion in the second quarter.
The company provisioned $515 million for credit losses, up from
$362 million a year earlier but down from $821 million in the
second quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 18, 2023 07:25 ET (11:25 GMT)
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