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The bank announced a net income of $1.709 billion, or $1.03 per share, for the January-March period, rising from $1.319 billion, or $0.78 per share, in the same quarter last year.
Revenue increased to $6.958 billion, up from $6.715 billion in the previous year.
FactSet surveyed analysts who projected earnings to average $0.98 per share, with revenue anticipated at $6.91 billion.
The bank's net interest earnings increased by 2.7% to $4.092 billion in the previous quarter. Non-interest income increased by 5% to reach $2.836 billion.
Loan loss provision charges reached $537 million in the January-March quarter, a decrease of 2.9% compared to the same period last year.
In the last three months, U.S. Bancorp's market capitalisation decreased by over 24% (down to $60 billion), while the S&P 500 index dropped by 7.6%.
source: bloomberg.com
Revenue increased to $6.958 billion, up from $6.715 billion in the previous year.
FactSet surveyed analysts who projected earnings to average $0.98 per share, with revenue anticipated at $6.91 billion.
The bank's net interest earnings increased by 2.7% to $4.092 billion in the previous quarter. Non-interest income increased by 5% to reach $2.836 billion.
Loan loss provision charges reached $537 million in the January-March quarter, a decrease of 2.9% compared to the same period last year.
In the last three months, U.S. Bancorp's market capitalisation decreased by over 24% (down to $60 billion), while the S&P 500 index dropped by 7.6%.
source: bloomberg.com