UPDATE: U.S. Bancorp Q1 Profit Up 6.7%

U.S. Bancorp

reported a 6.7% rise in its first-quarter earnings. U.S. Bancorp's quarterly profit surged to $1.43 billion, or $0.73 per share, from $1.34 billion, or $0.67 per share, in the year-ago period. Its revenue dropped 1.1% to $4.87 billion. However, analysts were expecting earnings of $0.73 per share on revenue of $5.03 billion. Its noninterest expense declined 3.5% to 2.47 billion, while net-interest margin fell to 3.48% versus 3.60%. U.S. Bancorp shares closed at $33.31 yesterday.