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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| US Bancorp | NYSE:USB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.0101 | 0.03% | 38.9701 | 39.10 | 38.32 | 39.07 | 9,751,031 | 20:46:26 |
From Dec 2023 to Jun 2024
By Denny Jacob
U.S. Bancorp posted an 8.4% decline in its bottom line in the fourth quarter, weighed down by one-time charges.
The Minneapolis-based parent company of U.S. Bank posted net income of $847 million, or 49 cents a share, down from $925 million, or 57 cents a share, a year earlier. Adjusted earnings were 99 cents a share, matching analysts' estimates.
U.S. Bancorp attributed the decline in net income to notable items including a $734 million Federal Deposit Insurance Corp. special assessment fee and $171 million of merger and integration-related charges related to the acquisition of MUFG Union Bank.
Revenue grew 6.2% to $6.76 billion. Analysts polled by FactSet expected $6.85 billion.
The company provisioned $512 million for credit losses in the fourth quarter, down from $515 million in the third quarter and $1.19 billion in the year-ago period.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 17, 2024 07:37 ET (12:37 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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