U.S. Bancorp said its profit grew 2.4% in the most recent
quarter as its revenue and average total loans increased, though a
key measure of lending profitability edged down.
Earnings met Wall Street estimates, while revenue came in
slightly below.
The bank posted earnings of $1.43 billion, up from $1.4 billion
in the prior-year period. On a per-share basis, earnings rose to 76
cents from 73 cents a year ago.
Revenue at the Minneapolis-based bank rose 1.9% to $4.91
billion.
Analysts had expected 76 cents a share in earnings and $4.95
billion in revenue, according to Thomson Reuters.
Average total loans rose by 5.1%.
Net interest margin, an important measure of lending
profitability, edged down to 3.08% from 3.35% a year earlier.
Like other regional banks, U.S. Bancorp faces a tough
environment in which low interest rates have limited interest
income.
Write to Julie Steinberg at julie.steinberg@wsj.com and Chelsey
Dulaney at Chelsey.Dulaney@wsj.com
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