U.S. Bancorp Profit Declines as Energy-Loan Provisions Surge
- Per-share earnings of 76 cents match analysts' estimates
- Bank's provisions for credit losses jump 25%, driven by energy
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U.S. Bancorp, the nation’s largest regional lender, said profit dropped 3.1 percent in the first quarter as provisions for bad loans surged 25 percent, driven by a jump in downgrades on energy-related credits.
Net income fell to $1.39 billion, or 76 cents a share, from $1.43 billion, or 76 cents, a year earlier, the Minneapolis-based bank said Wednesday in a statement. That matched the average estimate of 31 analysts surveyed by Bloomberg.