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Shares of U.S. Bancorp (NYSE: USB) are slightly higher in early trading despite the fact that the company posted a decline for its first-quarter profit. As Trey Thoelcke discussed, analysts were waiting for the sixth-largest U.S. bank to show smaller profit, but the firm was able to beat by 1 penny analysts' predictions.For the quarter, US Bancorp announced that its profit slipped 4% to $1.09 billion, compared with $1.13 billion, a year earlier. The drop was tied to impairment charges and higher credit losses provision. The bank posted quarterly earnings of 62 cents per share, slightly higher the 61cents per share that analysts expected.
Taking a look at the company's quarterly revenue, we see a growth of 14% to $1.8 billion. For this period, the Minneapolis-based company also saw an increase of 14% in expenses which rose up to $1.8 billion. Quarterly revenue exceeded analysts' predictions for sales of $3.66 billion, according to Reuters Estimates.
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