Financial service provider U.S. Bancorp (NYSE: USB) reported a 15% increase in earnings for the first quarter of fiscal 2026, driven by an increase in net interest income.
Net income attributable to the company increased to $1.95 billion from $1.71 billion in the comparable period last year. On a per-share basis, earnings rose to $1.18 in the first quarter from 1.03 per share in the prior-year quarter, exceeding analysts’ estimates.
Net revenue was $7.29 billion in the first quarter, which is up 4.7% from the year-ago quarter. Average total loans for the quarter increased 3.8% year-over-year, driven by higher total commercial loans and credit card loans, partially offset by declines in residential mortgages and total other retail loans.
Average total deposits increased 1.7 from last year during the three months, reflecting higher balances in Wealth, Corporate, Commercial, and Institutional Banking, partially offset by declines in Consumer and Business Banking.