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US Bancorp Earnings Top $1B, Despite Weak Credit Performance
From AP:
U.S. Bancorp said Tuesday its first-quarter profit fell 61 percent as it more than doubled its provision for loan losses and took charges tied to securities losses. However, the bank still beat analysts’ expectations.
Minneapolis-based U.S. Bancorp’s net income available to common shareholders fell to $419 million, or 24 cents per share, during the quarter ended March 31. The bank earned $1.08 billion, or 62 cents per share, during the same quarter a year ago.
Analysts polled by Thomson Reuters, on average, forecast earnings of 20 cents per share for the quarter.
U.S. Bancorp’s first-quarter profit fell primarily due to an increase in money set aside to cover loan losses and charges tied to investments.
Allowances for loan losses went up over $500 million.
The bank’s provision for credit losses appears to be under control. USB provisioned $1.32 billion last quarter as opposed to $1.27 billion in the fourth quarter of 2008. That’s much better than what we’ve seen so far from Citi and Bank of America.
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