U.S. Bancorp Profits Fall as Bank Boosts Credit Provisions
- CEO Cecere says bigger reserves reflect ‘prudent assessment’
- Fed approved looser regulatory burden in wake of acquisition
This article is for subscribers only.
U.S. Bancorp said profit fell in the third quarter as the biggest US regional lender increased its provisions for credit losses.
Adjusted earnings came in at $1.05 a share, above the average analyst estimate but below the $1.18 posted in the same period last year, according to a statement from the Minneapolis-based bank Wednesday. Provisions for credit losses increased 42% from a year earlier.