US Bancorp (NYSE: USB) on Wednesday reported a sharp decline in net profit for the fourth quarter of 2022, despite an increase in revenues.
Net revenue increased 12% year-over-year to $6.37 billion in the fourth quarter. Net income applicable to the company’s shareholders was $853 million or $0.57 per share, compared to $1.58 billion or $1.07 per share a year earlier.
“Full-year results, as adjusted, were highlighted by strong pre-provision earnings growth, driven by solid net interest income, wider net interest margin, and positive operating leverage over 230 basis points. On December 1 we completed the acquisition of MUFG Union Bank, which meaningfully increased our market share in California by adding one million consumers, 700 commercial, and 190,000 business banking customers,” said the bank’s CEO Andy Cecere.
.
_________________________________________________________________________________________________________________
Stocks you may like:
_________________________________________________________________________________________________________________
Most Popular
Key highlights from Deere & Co.’s (DE) Q4 2024 earnings results
Deere & Company (NYSE: DE) reported its fourth quarter 2024 earnings results today. Worldwide net sales and revenues decreased 28% year-over-year to $11.14 billion. Net income was $1.24 billion, or
NVDA Earnings: Nvidia Q3 profit jumps, beats estimates
NVIDIA Corporation (NASDAQ: NVDA) on Wednesday reported a sharp increase in adjusted profit and revenue for the third quarter of 2025. Earnings also topped analysts' estimates. The tech firm’s revenues
Lowe’s Companies (LOW): A few points to note about the Q3 2024 performance
Shares of Lowe’s Companies, Inc. (NYSE: LOW) rose over 1% on Wednesday. The stock has gained 8% over the past three months. The company delivered better-than-expected earnings results for the