U.S. Bancorp reduces 2024 interest income forecast and reports a 22% drop in Q1 profit due to higher deposit costs and larger reserve funds.
U.S. Bancorp cuts its 2024 interest income forecast and reports a 22% drop in first-quarter profit due to higher deposit costs and larger reserve funds for potential defaults. The bank now expects net interest income (NII) between $16.1-16.4 billion, down from an earlier forecast of over $16.6 billion. First-quarter NII declined 14% to $3.99 billion, while net interest margin contracted.
April 17, 2024
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