US Bancorp shares drop 5% before Wall Street session

Shares of U.S. Bancorp (USB.US) are losing nearly 5.2% before the Wall Street open following the release of Q1 2024 results. Although key measures such as EPS and revenue came in roughly in line with expectations, forecasts for Q2 and full-year 2024 were revised downward.

US Bancorp's Q1 2024 results:

- Adjusted EPS: $0.90 (estimated $0.87)

- Revenue: $6.72 billion (estimated $6.73 billion)

- Provision for credit losses: $553 million (estimated $498 million)

- Net interest income: $4.02 billion (estimate $4.04 billion)

The net interest income forecast for the year has been lowered. Source: bank report

Average total loans fell 0.5% and average total deposits rose 0.1% quarter-on-quarter. The efficiency measure deteriorated on a k/k basis; however, it performed slightly better on a y/y basis. Source: bank report

Pre-market trading indicates nearly 5.2% declines in the stock today.

Source: xStation