U.S. Bancorp (NYSE:USB) shares are trading higher Thursday after the company reported better-than-expected financial results.
U.S. Bancorp reported first-quarter revenue of $5.57 billion, which beat the $5.55 billion estimate. The firm reported quarterly earnings of 99 cents per share, which beat the estimate of 94 cents per share.
U.S. Bancorp reported a return on average assets of 1.09% and a return on average common equity of 12.7%. The company said average total loans and earning assets grew 6.5% year-over-year. Average total deposits also grew 6.5% year-over-year.
"Notably, we continued to see good momentum in our payments businesses reflecting both continued cyclical recovery in pandemic impacted industries, particularly travel and entertainment sectors, as well as the benefit from previous investments," said Andy Cecere, chairman, president and CEO of U.S. Bancorp.
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USB 52-Week Range: $49.78 - $63.57
According to data from Benzinga Pro, the stock was up 4.9% at $53.09 at press time.
Photo: courtesy of U.S. Bancorp.
