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U.S. Bancorp Profit Declines on Bigger Energy-Related Provision

U.S. Bancorp, parent company of U.S. Bank, reported its quarterly results Wednesday.

U.S. Bancorp said its first-quarter profit slipped as the lender set aside more reserves to cover potential energy loan losses and booked sharply lower mortgage-banking revenue amid heightened competition.

The Minneapolis-based lender logged earnings of $1.39 billion, down from $1.43 billion a year earlier. On a per-share basis, profit was flat at 76 cents thanks to a lower share count.

Revenue edged 2.7% higher to $5.04 billion. Analysts projected 76 cents in earnings per share on $5.06 billion in revenue.

Shares slipped 2% in light premarket trading.

U.S. Bank is one...