U.S. Bancorp cuts 2024 interest income forecast, reports 22% drop in first-quarter profit
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U.S. Bancorp reported a 22% drop in first-quarter profit and cut its forecast for full-year interest income. The bank's net interest income (NII) declined 14% to $3.99 billion in the first quarter, and net interest margin contracted to 2.70%. U.S. Bancorp now expects NII between $16.1 billion and $16.4 billion for the full year, down from its previous forecast of over $16.6 billion. Provisions for credit losses rose to $553 million in the quarter. CEO Andy Cecere stated that despite a challenging interest rate environment, the bank saw growth in consumer deposits during the quarter.
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