Thursday 14th of April 2022 03:59:21 AM

U.S. Bancorp Q1 earning beat as loan growth fuels net interest income

US Bank ATM and branch Sundry Photography/iStock Editorial via Getty Images U.S. Bancorp (NYSE:USB) Q1 earnings topped the Wall Street consensus as growth in loans boosted its net interest income and noninterest expenses declined on a linked-quarter basis. "Our results benefitted from healthy trends in consumer and business activity," Chairman, President and CEO Andy Cecere said in a statement on Thursday. "We saw very strong loan growth, which drove solid growth in net interest income." He also noted that U.S. Bancorp (USB) "continued to see good momentum in our payments businesses reflecting both continued cyclical recovery in pandemic impacted industries, particularly travel and entertainment sectors, as well as the benefit from previous investments." Basel III standardized CET1 slipped to 9.8% in Q1 2022 from 10.0% in Q4 2021 and 9.9% in Q1 2022. Q1 EPS of $0.99 exceeded the $0.94 consensus estimate and fell from $1.07 in Q4 2021 and from $1.45 in Q1 2021. Q1 net interest income on taxable equivalent basis of $3.20B vs. $3.15B in Q4 and $3.09B; net interest margin of 2.44% increased from 2.40% in Q4 and declined from 2.50% in Q1 2021. Average total loans of $313.0B increased from $302.8B in Q4; average total deposits of $454.2B rose from $449.8B in Q4 2021. Q1 noninterest expense of $3.50B vs. $3.53B in Q4 and $3.38B in Q1 2021. Provision for credit losses of $112M vs. benefit of $13M in Q4 and benefit of $827M in the year-ago quarter. Conference call at 9:00 AM ET. Earlier, U.S. Bancorp non-GAAP EPS of $1.09 by $0.15, revenue of $5.6B beats by $50M

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