U.S Bancorp's third-quarter results have shown a slight increase in revenue, exceeding the forecasted figures, according to FactSet data released on Wednesday. The financial institution reported a Q3 revenue of $7.03 billion, marginally above the anticipated $7.02 billion. This rise was driven by a 10% increase in net interest income.
However, the bank's profits took a hit, slipping to $1.52 billion or 91 cents per share from last year's $1.81 billion or $1.16 per share. Despite this decrease, when adjusted for acquisition charges related to MUFG Union Bank, earnings were $1.05 per share, surpassing the expected $1.01 per share.
The bank also experienced growth in average total deposits, which rose 12% year-over-year to reach $512.29 billion from the second quarter's $497.27 billion.
In terms of credit losses, provisions increased to $515 million from the previous year but were less than the second quarter's $821 million. This indicates a cautious stance adopted by U.S Bancorp towards potential defaults.
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