U.S. Bancorp (USB) said first-quarter profit rose 6.7 percent, matching analysts' estimates, as the company set aside less for bad loans.
Net income climbed to $1.43 billion, or 73 cents a share, from $1.34 billion, or 67 cents, a year earlier, the Minneapolis-based bank said today in a statement. The average estimate of 32 analysts surveyed by Bloomberg was for 73 cents a share.
Chief Executive Officer Richard Davis, 55, has boosted annual revenue every year since taking over in 2006. The company is exploring deals and will pursue those that make sense, he said in March. Last month, the firm agreed to buy Deutsche Bank AG's municipal bond trustee business in a transaction that will add about $57 billion to the $3 trillion in assets under administration by its corporate-trust unit.
The bank said in March it will increase its share repurchases by $370 million to $2.25 billion and ask its board to raise its second-quarter dividend 18 percent to 23 cents.
U.S. Bancorp fell 2.3 percent to close yesterday at $33.31 in New York. The shares have gained 4.3 percent this year, trailing the 7.1 percent advance of the 24-company KBW Bank Index.
