{"id":74681,"date":"2023-10-20T01:34:09","date_gmt":"2023-10-20T05:34:09","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/us-bancorp-sees-q3-revenue-rise-but-profits-fall-short-of-estimates\/"},"modified":"2023-10-20T01:34:13","modified_gmt":"2023-10-20T05:34:13","slug":"us-bancorp-sees-q3-revenue-rise-but-profits-fall-short-of-estimates","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74681","title":{"rendered":"US Bancorp Sees Q3 Revenue Rise but Profits Fall Short of Estimates"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
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Minneapolis-based U.S. Bancorp’s third-quarter earnings report revealed a drop in profits to $1.52 billion or 91 cents per share, down from last year’s $1.81 billion or $1.16 per share, missing FactSet analysts’ prediction of 96 cents per share. This news was reported on Wednesday. According to InvestingPro, U.S. Bancorp’s market cap stands at a significant 51.97B USD.<\/p>\n

The bank’s net interest income, saw a 10% year-over-year increase to $4.27 billion, contributing to a revenue climb from last year’s $6.33 billion to $7.03 billion this year, outperforming analyst projections. This aligns with the InvestingPro Tip that U.S. Bancorp’s revenue growth has been accelerating. The bank’s revenue for the last twelve months, as reported by InvestingPro, was 24.05B USD, indicating a healthy financial state. <\/p>\n

Despite the increase in revenue, U.S. Bancorp’s stock experienced a 0.6% downturn in premarket trading. This could be attributed to the InvestingPro Tip that points to a declining trend in the company’s earnings per share. <\/p>\n

Earnings after adjusting for costs associated with the MUFG Union Bank acquisition stood at $1.05 per share, surpassing FactSet’s forecast of $1.01 per share. The bank attributed this growth to heightened interest rates and the influence of the MUFG Union Bank acquisition.<\/p>\n

The company also recorded a 12% year-on-year increase in average total deposits to a substantial $512.29 billion and allocated $515 million for credit losses, higher than the previous year’s $362 million but lower than the $821 million provisioned in the second quarter. It’s worth noting that U.S. Bancorp has maintained its dividend payments for 53 consecutive years, as highlighted by InvestingPro Tips, an impressive record that speaks to its financial resilience.<\/p>\n

Despite these favorable outcomes, U.S. Bancorp’s stock experienced a 0.6% downturn in premarket trading, reflecting a broader 0.3% drop in S&P 500 futures contracts. According to InvestingPro, the company’s one-week price total return stands at 7.32%, indicating a potential recovery in the short term. For more valuable insights like these, consider exploring the InvestingPro platform, which offers numerous additional tips and real-time metrics to aid in making informed investment decisions.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Minneapolis-based U.S. Bancorp’s third-quarter earnings report revealed a drop in profits to $1.52 billion or 91 cents per share, down from last year’s $1.81 billion or $1.16 per share, missing FactSet analysts’ prediction of 96 cents per share. This news was reported on Wednesday. According to InvestingPro, U.S. Bancorp’s market cap stands at […]<\/p>\n","protected":false},"author":1,"featured_media":3065,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-74681","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nUS Bancorp Sees Q3 Revenue Rise but Profits Fall Short of Estimates | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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