Like many of the biggest banks in the U.S., Minneapolis-based U.S. Bancorp posted solid first-quarter results from recent months despite two high-profile bank failures and related fallout in the banking industry.
Profits for the nation's fifth-largest bank increased 9.1% to $1.7 billion. When adjusted for merger and integration-charges, its earnings per share came in at $1.16, better than the $1.12 per share analysts expected.
Its total revenue grew 28% to $7.2 billion, which a 45.9% jump in net interest income from a year ago drove, reflecting the impact of rising interest rates on its loans.
