By Connor Hart

 

U.S. Bancorp reported a narrower profit in its most recent quarter, as it increased its loss reserves due to strong loan growth and an uncertain economic environment.

The Minneapolis-based company, the parent of U.S. Bank, on Friday reported net income attributable to the company of $1.53 billion, compared with $1.98 billion in the same quarter last year.

The company reported per-share earnings of 99 cents, compared to $1.28 in the previous year.

Net interest income was $3.44 billion, compared with $3.14 billion the prior year. Analysts expected net interest income of $3.42 billion, according to FactSet.

Revenue for the quarter ended June 30 rose 4% to $6.01 billion. Analysts polled by FactSet anticipated revenue of $5.91 billion.

Chief Executive Andy Cecere said revenue was helped by strong growth in net interest income and fee revenue. Net interest income was up 9.5% from the previous year due to higher average loans and investment securities balances, as well as rising interest rates.

Average total loans rose 10.2% from a year ago to $324.19 billion, driven by an increase in commercial loans, residential mortgages and other retail loans, offset by declines in loans to areas like construction and development.

 

Write to Connor Hart at connor.hart@wsj.com

 

(END) Dow Jones Newswires

July 15, 2022 07:42 ET (11:42 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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