U.S. Bancorp 4Q Net Income Declines on FDIC Special Assessment, Other One-Time Charges
January 17 2024 - 6:52AM
Dow Jones News
By Denny Jacob
U.S. Bancorp posted an 8.4% decline in its bottom line in the
fourth quarter, weighed down by one-time charges.
The Minneapolis-based parent company of U.S. Bank posted net
income of $847 million, or 49 cents a share, down from $925
million, or 57 cents a share, a year earlier. Adjusted earnings
were 99 cents a share, matching analysts' estimates.
U.S. Bancorp attributed the decline in net income to notable
items including a $734 million Federal Deposit Insurance Corp.
special assessment fee and $171 million of merger and
integration-related charges related to the acquisition of MUFG
Union Bank.
Revenue grew 6.2% to $6.76 billion. Analysts polled by FactSet
expected $6.85 billion.
The company provisioned $512 million for credit losses in the
fourth quarter, down from $515 million in the third quarter and
$1.19 billion in the year-ago period.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 17, 2024 07:37 ET (12:37 GMT)
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