U.S. Bancorp (NYSE:USB) reported upbeat first-quarter FY24 earnings on Wednesday. Revenue stood at $6.7 billion (-6.4% Y/Y), which aligns with the consensus. Adjusted earnings per share came in at 90 cents, beating the consensus of 88 cents. The net interest margin of 2.70% shrunk 40 basis points year over year. Non-interest income grew 7.7% year over year to $2.7 billion. Total allowance for credit losses was $7.9 billion, up 5.1% year over year. As of Mar 31, 2024, U.S. Bancorp’s non-performing assets amounted to $1.79 billion, up 51.2% from the year-ago period’s level. Andy Cecere, Chairman, President and CEO said, ...