U.S. Bancorp First Quarter Profit Rises to 1.95 Billion

U.S. Bancorp reported a 13.6% increase in first-quarter profit, driven by a combination of higher interest income and a significant boost in fee revenue. The Minneapolis-based financial institution, which ranks as the fifth-largest lender in the United States, saw its net income rise to $1.95 billion, or $1.18 per share, for the three months ended March 31. This performance marks a notable improvement from the $1.72 billion, or $1.03 per share, reported during the same period last year.