U.S. Bancorp’s first quarter earnings matched analyst expectations.The bank holding company’s revenue, however, slightly missed estimates.
The company’s first-quarter earnings came in at $1 a share, in line with what analysts polled by FactSet had expected. The figure is higher than the year-ago quarter’s 96 cents.
Revenue for the quarter was $5.77 billion, falling slightly below expectations. It was nevertheless higher than prior year’s $5.47 billion.
The financial company’s net interest income for the quarter was $3.3 billion, an increase of 2.8% over the year-ago quarter. It experienced a 1.9% rise in average earning assets - which represents increases of $6.7 billion in average total loans, $686 million in average investment securities, and $1.2 billion in average other earning assets.