U.S. Bancorp Posts In-Line Q1 Profit, But Revenue Misses Views

U.S. Bancorp

reported in-line earnings for the first quarter, but the company's revenue missed analysts' estimates. The Minneapolis, Minnesota-based company posted quarterly earnings of $1.43 billion, compared to $1.4 billion, in the year-ago period. On a per-share basis, the bank's earnings climbed to $0.76 from $0.73. Its revenue climbed 1.9 percent to $4.91 billion. However, analysts were estimating earnings of $0.76 per share on revenue of $4.95 billion. Average total loans increased by 5.1 percent in the quarter, while average total deposits climbed 8.1 percent. Net interest margin shrank to 3.08% in the latest quarter, compared to 3.35 percent in the year-ago period. Total noninterest expense rose 4.8 percent to $2,665 million. Net interest income on a taxable-equivalent basis rose 1.7 percent to $2,752 million. Return on average assets was 1.44 percent, compared to 1.56 percent in the year-ago quarter. Return on average common equity was 14.1 percent, versus 14.6 percent. At March 31, 2015, nonperforming assets were $1,696 million, versus $1,999 million at March 31, 2014. The average estimate among 19 Estimize users was for earnings of $0.76 per share and revenue of $4.96 billion. U.S. Bancorp shares fell 1.91 percent to $42.70 in pre-market trading.