Raise a Glass to Malbec! Malbec World Day, April 17 | SaltWire #reels #shorts #wine #food - U.S. Bancorp cut its forecast for full-year interest income on Wednesday and reported a 22% 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% to $3.99 billion in the first quarter, while net interest margin contracted to 2.70%, compared with 3.10% 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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