U.S. Bancorp (USB) shares dipped Wednesday as the regional bank posted lower first-quarter revenue, increased its 🌼provision for credit losseꦫs, and cut its guidance.

The U.S. Bank parent reported quarterly revenue declined 6.4% year-over-year to $6.72 billion, missing estimates. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.90 came in better than forecasts.

U.S. Bancorp’s 澳洲幸运5官方开奖结果体彩网:net interest income tumbled 14% to $3.99 billion. The amount of money it put aside for bad loans rose 30% from a year ago to $553 million. The company noted it paid a $110 million in a special assessment by the 澳洲幸运5官方开🌄奖结果体彩网:Federal Deposit Insurance Cor꧑poration (FDIC) to cover the costs of the federal takeover ෴of fa🍬iled banks. 

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Andy Cecere said that despite “a challenging interest rate environment and pressure on industry deposit levels,” the bank’s consumer deposits increased. He added that U.S. Bancorp’s fee business expanded, “driven by strong underlying clie𓂃nt growth and activity, as well as prudent expense management.” 

The firm lowered its guidance for full-year net interest income to a range of $16.1 billion to $16.4 billion from the previous projection of at least $16.6 billion.

Shares of U.S. Bancorp slipped 4.8% to $39.04 as of 11:45 a.m. ET Wednesday. They earlier traded at $38.79, their lowest level this year.