Investing.com - U.S. Bancorp managed to produce first-quarter profit that matched consensus forecasts as loans at the beginning of the year registered solid growth, but revenue fell just short of estimates, following a trend seen in several of its financial sector competitors.
The bank reported earnings per share of $1.00 on revenue of $5.58 billion. Analysts polled by Investing.com forecast EPS of $1.00 on revenue of $5.59 billion.
Some financial firms successfully avoided a similar fate in the first three months of the year as JP Morgan set the bar high last Friday, producing quarterly numbers that beat on both the top and bottom lines, while Morgan Stanley also reported better-than-expected numbers on Wednesday.
Andy Cecere - U.S. Bancorp chairman, president and CEO - tried to reassure investors, saying that the first-quarter results were “a good start to the year as momentum is continuing across our lending and fee businesses." The company is pleased with the results this quarter, and remains "focused on the long-term success of this company - and the disciplined investment in people and technology that will drive that success,” he said.
Ahead of the open on Wall Street, shares in U.S. Bancorp (NYSE:USB) closed the previous session up 0.8% at $50.28.
U.S. Bancorp follows other major Financial sector earnings this month
On Friday, JPMorgan reported first quarter EPS of $2.65 on revenue of $29.85 billion, compared to forecasts of EPS of $2.35 on revenue of $28.44 billion.
Bank of America earnings Beat analysts' expectations on Tuesday, with first quarter EPS of $0.7 on revenue of $23 billion. Investing.com analysts expected EPS of $0.66 on revenue of $23.2 billion.
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