U.S. Bancorp said its profit for the first quarter fell because of a higher provision for credit losses.
The Minneapolis-based company, the parent of U.S. Bank, on Thursday posted net income attributable to the company of $1.56 billion, compared with $2.28 billion a year earlier.
Earnings were 99 cents a share, compared with $1.45 a share. Analysts polled by FactSet had been expecting earnings of 94 cents a share.
Net interest income was $3.17 billion, compared with $3.06 billion, the company said. Analysts had been expecting $3.17 billion.
Net revenue was $5.59 billion, compared with $5.47 billion. Analysts had been looking for $5.56 billion, according to FactSet.
Provision for credit losses was $112 million, compared with a benefit of $827 million set aside for possible bad loans in the year-earlier period, the company said. In the fourth quarter, provision for credit losses was a benefit of $13 million.