logo
US Bancorp's first-quarter profit jumps on higher fee income

US Bancorp's first-quarter profit jumps on higher fee income

Reuters17-04-2025

April 16 (Reuters) - US Bancorp (USB.N), opens new tab reported a rise in its first-quarter profit on Wednesday, helped by higher trust and investment management fees, sending its shares up 2% in premarket trading.
Uncertainties caused by tariffs threat have led to a decline in global markets, but prompted investors to actively rejig their portfolios. Bigger rivals such as Goldman Sachs (GS.N), opens new tab and JPMorgan Chase (JPM.N), opens new tab have also reported strong performance in their trading businesses.
The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here.
US Bancorp reported a 6.1% rise in trust and investment management fees to $680 million during the quarter ended March 31. It expects fee income to grow in mid-single digits in medium term.
The Minneapolis, Minnesota-based bank's net interest income — the difference between what banks pay customers on deposits and earn as interest on loans — rose 2.7% to $4.09 billion during the period.
US Bancorp in January had appointed Gunjan Kedia as its chief executive officer — the first woman in the bank's history to take up the role. She is a successor to Andy Cecere and started in the position on April 15.
The bank earned $1.03 per share on an adjusted basis during the quarter, compared with 90 cents per share a year earlier.
Its provisions for credit losses for the first quarter stood at $537 million, down from $560 million in the preceding three months and $553 million a year ago.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

China's imports of major commodities hiccup in May
China's imports of major commodities hiccup in May

Reuters

timean hour ago

  • Reuters

China's imports of major commodities hiccup in May

LAUNCESTON, Australia, June 9 (Reuters) - China's imports of major commodities lost momentum in May, with crude oil, coal, iron ore and copper all recording declines amid concerns about growth in the world's second-biggest economy. Only imports of natural gas showed any improvement, with May's 10.11 million metric tons slightly ahead of the 9.67 million in April, although they were still down 11% from a year earlier, according to customs data released on Tuesday. Crude oil arrivals dropped to 10.97 million barrels per day (bpd) in May, down 6.2% from April's 11.69 million bpd and also below the 12.1 million bpd recorded for March, which was the strongest month since August 2023. Iron ore imports slipped to 98.13 million tons in May from 103.14 million tons in April, and were also weaker than the 102.03 million from May last year. Imports of all grades of coal were 36.04 million tons in May, down 4.7% from April's 37.83 million tons and 17.8% weaker than the 42.82 million tons in May 2024. Unwrought copper imports were 427,000 tons in May, down 2.5% from the 438,000 tons in April and also below the 514,000 tons from the same month a year earlier. On the surface the decline in imports of major commodities looks ominous for China as the world's biggest buyer of natural resources faces an ongoing trade war with the United States and still sluggish growth at home, especially in the key residential construction sector. But there is always a risk of reading too much into monthly numbers, which can be quite volatile and are also often driven by price moves during the period when cargoes were arranged. Crude oil is a good example of this. China's imports were weak in January and February, with cargoes delivered in these two months having been bought against a backdrop of rising prices, with benchmark Brent futures rallying from early December to a peak of $82.63 a barrel on Jan. 15. But oil prices started sliding thereafter, with Brent dropping to a low of $58.40 a barrel by April 9. Therefore, the rebound in China's crude imports in March and April came amid a declining price trend when the cargoes would have been bought. However, May cargoes would have been arranged when prices were once again trending higher. It's also worth noting that China's imports of Russian and Iranian crude have also been volatile in recent months, dropping as new U.S. sanctions on vessels were imposed and then recovering as traders worked out ways around the measures. This pattern seems likely to have continued, with commodity analysts Kpler estimating China's imports of Iranian oil at 743,500 bpd in May, but also forecasting a sharp rise to 1.48 million bpd in June. Iron ore imports may also have been impacted by price moves, with the price rising modestly over April, the time when most May-arriving cargoes would have been booked. The Singapore Exchange contract reached a recent high of $101.80 a ton on May 14, and has since moderated to end at $96.26 on June 6. While the price moves are modest, the small decline may encourage some buying by China's steel mills, especially given the prevailing view that Beijing will launch new stimulus efforts in coming weeks to boost the economy. Copper imports are also likely reflecting dynamics on global markets rather than the domestic situation in China. China's imports have trended weaker and are now down 6.7% for the first five months of 2025 compared to the same period last year. But physical copper has been shifting to the United States as market players expect President Donald Trump to impose a tariff on imports of the industrial metal. U.S. demand has bolstered the premium of copper for delivery to the United States, and drawn metal away from China. While the London price has been volatile and driven by news reports on what Trump may or may not do, the trend has been to higher prices, with an increase from an April 9 low of $8,105 a ton to $9,701 in early Asian trade on Monday. Coal is the major commodity where China's domestic prices and supply have driven weakness in imports, with strong production and soft local prices cutting the need for imports. Seaborne thermal coal prices have dropped to four-year lows in response, and there are some early signs that demand is picking up, but it will likely take further declines to spark any meaningful interest in boosting imports. Enjoying this column? Check out Reuters Open Interest (ROI), your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis of everything from swap rates to soybeans. Markets are moving faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, opens new tab and X, opens new tab. (The views expressed here are those of the author, a columnist for Reuters.)

China's consumer prices extend decline for fourth month in May
China's consumer prices extend decline for fourth month in May

Reuters

time5 hours ago

  • Reuters

China's consumer prices extend decline for fourth month in May

BEIJING, June 9 (Reuters) - China's consumer prices fell for a fourth straight month in May while producer deflation deepened, as the economy faces headwinds from trade tensions and a prolonged housing downturn. The consumer price index dipped 0.1% last month from a year earlier, versus a 0.1% drop in April, National Bureau of Statistics data showed on Monday, slightly better than a Reuters poll forecast of a 0.2% decline. CPI slid 0.2% on a monthly basis, compared with a 0.1% increase in April, and matched economists' predictions of a 0.2% decline. The producer price index was down 3.3% in May from a year earlier, worse than a 2.7% decline in April and the deepest contraction in 22 months. That compared with an estimated 3.2% fall in a Reuters poll.

Evri to hire 5,000 more couriers after agreeing DHL tie-up
Evri to hire 5,000 more couriers after agreeing DHL tie-up

Powys County Times

time6 hours ago

  • Powys County Times

Evri to hire 5,000 more couriers after agreeing DHL tie-up

Evri is planning to hire 5,000 couriers in a fresh recruitment drive as the parcel giant takes on rivals after entering the business letter market. The Yorkshire-based firm recently announced it was joining forces with DHL's UK ecommerce arm to form one of the country's biggest delivery firms. It said the new roles would bring its total self-employed courier network to 33,000, its highest number. The roles will be available throughout the UK, with a focus on regions including Plymouth, Bury, Hastings, Dover and Scarborough. About 1,000 of the new jobs will be permanent, while the rest are set to be flexible positions to cater to the typically busy summer months and other peak periods for deliveries. Couriers who commit to working five or more days a week, including Saturday and Sunday, are also given the chance to opt in to its revamped 'Evri Plus' scheme, which includes paid holiday and automatic enrolment into a pension scheme. Evri, which was previously part of the Hermes parcel group, was bought by US private equity firm Apollo for around £2.7 billion last year. It announced plans last month to merge with rival DHL's UK ecommerce business to create a combined company set to deliver more than one billion parcels and one billion letters each year. The deal means Evri will enter the UK business letter market for the first time, bolstering its competition to Royal Mail. Evri has spent £32 million on improving its customer service offering and has seen an improvement in its ratings over recent years, but has said there is 'more to do' to improve with customers continuing to report delivery issues. Chief executive Martijn de Lange said: 'We know that service, reliability and quality are critical factors for our clients and consumers, and so by expanding our self-employed network further, we remain focused on delivering in each of those areas.' Couriers typically earn about £20.90 an hour on average, according to Evri.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store