U.S. Bancorp (USB) reported that its first-quarter net income applicable to common shareholders increased to $1.36 billion or $0.73 per share, from $1.28 billion or $0.67 per share in the same quarter last year. Earnings for the first quarter of 2013 were driven by a year-over-year reduction in noninterest expense and a lower provision for credit losses.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
Total net revenues on taxable-equivalent basis, for the quarter declined to $4.87 billion from $4.93 billion in the prior year quarter, reflecting a 3.3 percent decrease in noninterest income, partially offset by a .7 percent increase in net interest income. Twenty one analysts had consensus revenue estimate of $5.03 billion for the quarter.
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