U.S. Bancorp (USB – Free Report) reported a positive surprise of 2.5% in first-quarter 2017. The company reported earnings per share of 82 cents, beating the Zacks Consensus Estimate of 80 cents. Results also came ahead of the prior-year quarter earnings of 76 cents.
Shares of U.S. Bancorp dropped slightly in the pre-market session, indicating that investors have been bearish on the results. The price reaction during the full trading session will give a fair idea about the extent of disappointment among investors.
Organic growth was driven by higher revenues, aided by elevated average loans and deposits. Steady capital deployment activities reflected a strong capital position. However, escalating expenses and provisions were a major drag.
Net Income was $1.5 billion, up 7.1% year over year.
