U.S. Bancorp (USB) said its fourth quarter net income increased year-over-year primarily due to lower provision for credit losses, partially offset by lower net interest income, lower noninterest income, and higher noninterest expense. Net interest income decreased 1.6 percent on a year-over-year taxable-equivalent basis due to lower loan spreads and mix of earning assets, partially offset by higher investment portfolio balances and the benefit of deposit and funding mix. The net interest margin declined to 2.40 percent from 2.57 percent a year ago. Noninterest income decreased 0.6 percent.
Net income attributable to U.S. Bancorp was $1.67 billion compared to $1.52 billion, last year. Earnings per common share were $1.07 compared to $0.95. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.10, for the quarter. Analysts' estimates typically exclude special items.
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