US Bancorp's first-quarter profit jumps on higher fee income
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
North Wales Chronicle
an hour ago
- North Wales Chronicle
Boeing shares tumble after Air India plane crash
The US-based airplane manufacturer, which has been blighted by safety issues in recent years, saw shares drop as much as 8%. A Boeing 787 Dreamliner aircraft bound for Gatwick airport, carrying 242 people including 53 British nationals, appeared to explode after crashing shortly after taking off from Ahmedabad Airport. Airline Air India said 169 passengers are Indian nationals, 53 are British, one is Canadian and seven are Portuguese. Faiz Ahmed Kidwai, director general of India's directorate of civil aviation, told the Associated Press the crash happened in the Meghani Nagar area at 1.38pm local time (9.08am BST). A Boeing spokesman said: 'We are aware of initial reports and are working to gather more information.' The first flight of the Boeing 787 Dreamliner aircraft involved in the crash was in December 2013. Air India confirms that flight AI171, from Ahmedabad to London Gatwick, was involved in an accident today after take-off. The flight, which departed from Ahmedabad at 1338 hrs, was carrying 242 passengers and crew members on board the Boeing 787-8 aircraft. Of these, 169 are… — Air India (@airindia) June 12, 2025 It is the first crash involving a Boeing 787 aircraft, according to the Aviation Safety Network database. However, the fleet was reportedly grounded in 2013 after fires related to lithium-ion batteries in its electrical power system. It is understood that airline operators including British Airways, United Airways and Qatar Airways use the model. Boeing planes have been involved in other incidents in recent years such as the Lion Air crash in 2018 involving a Boeing 737 Max which killed 189 people. In 2019, Ethiopian Airlines Flight 302, involving another 737 Max aircraft, crashed killing 157 people on board. The entire Boeing 737 Max fleet was grounded after the incidents.
South Wales Guardian
an hour ago
- South Wales Guardian
Boeing shares tumble after Air India plane crash
The US-based airplane manufacturer, which has been blighted by safety issues in recent years, saw shares drop as much as 8%. A Boeing 787 Dreamliner aircraft bound for Gatwick airport, carrying 242 people including 53 British nationals, appeared to explode after crashing shortly after taking off from Ahmedabad Airport. Airline Air India said 169 passengers are Indian nationals, 53 are British, one is Canadian and seven are Portuguese. Faiz Ahmed Kidwai, director general of India's directorate of civil aviation, told the Associated Press the crash happened in the Meghani Nagar area at 1.38pm local time (9.08am BST). A Boeing spokesman said: 'We are aware of initial reports and are working to gather more information.' The first flight of the Boeing 787 Dreamliner aircraft involved in the crash was in December 2013. Air India confirms that flight AI171, from Ahmedabad to London Gatwick, was involved in an accident today after take-off. The flight, which departed from Ahmedabad at 1338 hrs, was carrying 242 passengers and crew members on board the Boeing 787-8 aircraft. Of these, 169 are… — Air India (@airindia) June 12, 2025 It is the first crash involving a Boeing 787 aircraft, according to the Aviation Safety Network database. However, the fleet was reportedly grounded in 2013 after fires related to lithium-ion batteries in its electrical power system. It is understood that airline operators including British Airways, United Airways and Qatar Airways use the model. Boeing planes have been involved in other incidents in recent years such as the Lion Air crash in 2018 involving a Boeing 737 Max which killed 189 people. In 2019, Ethiopian Airlines Flight 302, involving another 737 Max aircraft, crashed killing 157 people on board. The entire Boeing 737 Max fleet was grounded after the incidents.
Reuters
2 hours ago
- Reuters
Goldman Sachs trims US recession probability to 30%
June 12 (Reuters) - Goldman Sachs on Thursday trimmed its U.S. recession probability to 30% from 35% on easing uncertainty around Trump's tariff policies.
