US Bancorp forecast full-year net interest income (NII) below Wall Street estimates, sending the lender's shares down more than 1% in premarket trading on Wednesday.
The logo of US Bank is seen atop the US Bank Tower in downtown Los Angeles July 17, 2012. REUTERS/Fred Prouser/File Photoforecast full-year net interest income below Wall Street estimates, sending the lender's shares down more than 1% in premarket trading on Wednesday.
The weak forecast comes despite lenders earning more in interest income, thanks to a sharp rise in interest rates by the Federal Reserve to tame decades-high inflation. Minneapolis-based US Bancorp now expects full-year NII, which measures the difference between what banks earn on loans and pay out on deposits, to be between $17.5 billion and $18.0 billion. Analysts on average expect $18.1 billion, according to Refinitiv data.
The bank's NII for the quarter ended June 30 rose to $4.45 billion, compared with $3.46 billion a year ago.Its total average deposits were at $497.27 billion, down 2.6% sequentially and up 9% over a year earlier. The lender also set aside $821 million as provisions for bad loans in the quarter, compared with $311 million a year ago.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Netflix Earnings Preview: Bullish Wall Street Expects Progress on Password-Sharing Crackdown, Ad TierMacquarie speaks of a 'potentially momentous' quarterly update, while peers predict signs of accelerating growth in the second half of the year.
Leer más »
Barclays Joins Wall Street Analysts Calling XRP Ruling Positive for CoinbaseBanking giant Barclays said a U.S. judges ruling partially in favor of Ripple is 'incrementally positive' for coinbase stock. HeleneBraunn reports
Leer más »
Asian stocks drop as China growth worries overshadow Wall Street gainsShares were mostly lower Tuesday in Asia as optimism over a Wall Street rally was countered by worries about the Chinese economy.
Leer más »
Bank of America is about to report earnings — here's what Wall Street expectsWhile analysts expected Bank of America to be one of the top beneficiaries of rising interest rates, it hasn't played out that way.
Leer más »
10 reasons why the recession Wall Street predicted to death never arrived10 reasons why the recession that Wall Street predicted to death never showed up
Leer más »
Asia markets set for mixed open as investors digest Wall Street's strong earningsThe Reuters Tankan survey, a measure of buisness confidence in Japan, fell for the first time in six months
Leer más »