MW: U.S. Bancorp 1Q revenue falls to $4.87 billion
By MarketWatch
NEW YORK (MarketWatch) -- U.S. Bancorp [s:usb], the Minneapolis-based banking group, on Tuesday reported first-quarter net income rose to $1.43 billion, or 73 cents a share, from $1.34 billion, or 67 cents a share, in the year-earlier quarter. Revenue fell to $4.87 billion, from $4.93 billion a year earlier. Analysts had expected per-share earnings of 73 cents a share on revenue of $5.04 billion, according to FactSet. In a statement, U.S. Bancorp said earnings were driven by a year-over-year reduction in noninterest expense and a lower provision for credit losses. Shares were inactive in premarket dealings.
