First-Quarter USB Payment Services

First-Quarter USB Payment Services Profits and ROAA Sag

First-quarter USB Payment Services profits dropped 5% year-on-year (YOY) as return-on-average-assets (ROAA) slipped 78 basis points (bps) compared to the fourth-quarter (4Q/18). The weakness for U.S. Bank was driven by softness in the consumer credit card business. However, strong merchant acquiring and corporate card activity mitigated an otherwise very soft quarter. Payment Services includes consumer…