On Wednesday, U.S. Bancorp (NYSE: USB), which is the largest regional bank, announced its financial results for the first quarter of 2018. Shares of the bank rose around 1% in premarket trading today.
For the first quarter, the bank reported net income of $1.68 billion, or $0.96 per share, increasing from $1.47 billion, or $0.82 per share, for the same period last year. According to the bank, the increase was driven by higher interest income and lower taxes. The result beat analysts’ expectation of $0.94 per share.
Revenue for the first quarter rose 3% from $5.29 billion to $5.47 billion, however, the result missed analysts’ estimates of $5.53 billion.
“We reported a solid first quarter, highlighted by a 19.3% return on average tangible common equity. We delivered solid growth in net interest income and high return fee businesses such as corporate payments, credit card, and wealth management and investment services,” Andy Cecere, the Chairman, President and CEO of U.S. Bancorp, said in the statement in Wednesday.
“We continue to invest for the future and I’m pleased with the progress we are making on initiatives aimed at advancing our digital offerings and expanding our treasury management and payment services capabilities,” said Andy.