US Bancorp (USB.N) beat estimates for third-quarter profit on Wednesday, as higher interest income from loans offset a hit from bigger credit-loss provisions.
beat estimates for third-quarter profit on Wednesday, as higher interest income from loans offset a hit from bigger credit-loss provisions.
Net interest income, which is the difference between what banks earn from lending and pay out on deposits, for the third quarter ended Sept. 30 rose 10.7% to $4.27 billion for USB. But even though lenders have reaped a windfall from interest income, the 'higher-for-longer' interest rate environment has soured the outlook for the economy as consumers feel the burn of higher credit costs and lower household budgets.
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