RTTNews | Jan 20, 2021 07:07AM EST

07:06 Wednesday, January 20, 2021 (RTTNews.com) - U.S. Bancorp (USB) reported Wednesday that net income e attributable to U.S. Bancorp for the fourth quarter grew to $1.52 billion or $0.95 per share from $1.49 billion or $0.90 per share in the prior-year quarter.

The company said the increase in net income year-over-year was primarily due to higher noninterest income as well as lower noninterest expense, partially offset by lower net interest income and higher provision for credit losses.

Net revenue for the quarter increased to $5.75 billion, including $3.20 billion of net interest income and $2.55 billion of noninterest income, from $5.67 billion, including $3.23 billion of net interest income and $2.44 billion of noninterest income, in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share on revenue of $5.82 billion for the quarter. Analysts' estimates typically exclude certain special items.

Provision for credit losses for the quarter was $441 million, up from $395 last year.

The Company said it expects credit quality metrics, including nonperforming assets, to remain elevated and volatility in net charge-offs given current economic conditions.

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