U.S. Bancorp , one of the 10 largest banks nationwide, said Tuesday first-quarter profit plummeted more than 60 percent on rising losses from loans.

First-quarter profit for common shareholders fell to $419 million, or 24 cents per share, from $1.08 billion, or 62 cents per share, a year earlier as the bank put aside more money to cover bad loans.

Analysts, on average, expected the Minneapolis-based company to earn 20 cents a share. It was not immediately clear if this figure matched the 24 cents the company reported.

The bank’s mix of businesses is less directly exposed to the health of consumer borrowers than that at many rivals and it had been seen as faring better than many other banks as the financial crisis has deepened into a global recession.

Shares in the bank have fallen 36 percent since the start of the year, while the broader KBW Banks index has slipped 29 percent.

U.S. Bancorp shares closed down 14 percent at $15.94 Monday, as financial stocks fell broadly.