The Minneapolis-based bank's NII grew to $4.63 billion for the quarter ended March 31, compared with $3.17 billion a year ago. Shares of the company, which have shed about 20% so far this year, rose nearly 2% to $35.73 during premarket trading.
On an adjusted basis, USB reported a profit of $1.16 per
share, beating analysts' average estimate of $1.12 per share,
according to Refinitiv IBES data.
U.S. financial markets and investors are keeping a close tab
on the performance of mid-sized lenders this quarter, after two
regional players recently collapsed under bank runs that marked
the sector's biggest meltdown since the 2008 financial crisis.
For USB, average total deposits grew 5.9% quarter-on-quarter
to $510.32 billion, as the banking crisis prompted unnerved
depositors to move their money out of smaller banks and into the
perceived safety of bigger lenders.
The lender's quarterly net income applicable to common shareholders rose to $1.59 billion, or $1.04 cents per share, compared with $1.47 billion, or 99 cents per share, a year ago. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ U.S. Bancorp Deposits ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Siddarth S in Bengaluru; Editing by Devika Syamnath)
