USB - Why U.S. Bancorp Shares Are Diving Premarket Today | Benzinga
U.S. Bancorp (NYSE:USB) shares are trading lower after it reported first-quarter FY24 results.
Revenue stood at $6.7 billion (-6.4% Y/Y), which aligns with the consensus. Net interest income (taxable-equivalent basis) fell 14.0% Y/Y to $4.0 billion due to the impact of higher interest rates on deposit mix and pricing.
Meanwhile, Non-interest income rose 7.7% Y/Y to $2.7 billion, aided by higher fee revenue across most categories.
The net interest margin was 2.70%, compared with 3.10% in the year-ago period. Adjusted earnings per share totaled $0.90, beating the consensus of $0.88.
The provision for credit losses for the first quarter of 2024 was $553 million, ...