U.S. Bancorp now expects net interest income between $16.1-billion and $16.4-billion for the full year. It had earlier forecast an NII of over $16.6-billion
cut its forecast for full-year interest income on Wednesday and reported a 22 per cent fall in first-quarter profit as higher deposit costs and a larger corpus of rainy-day funds to cover potential defaults continue to weigh on the sector.
NII declined 14 per cent to $3.99-billion in the first quarter, while net interest margin contracted to 2.70 per cent, compared with 3.10 per cent in the year-ago period. The Minneapolis, Minnesota-based bank said it expects NII in the current quarter to be relatively stable compared to first quarter levels.
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