U.S. Bancorp Q2 Profit Declines, But Adj. EPS Meets Estimates

(RTTNews) - U.S. Bancorp (USB) reported Wednesday that net income attributable to U.S. Bancorp for the second quarter declined to $1.36 billion or $0.84 per share from $1.53 billion or $0.99 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.79 billion or $1.12 per share, compared to $1.68 billion or $1.09 per share in the year-ago quarter.

Total net revenue for the quarter increased 19.3 percent to $7.18 billion, including $4.45 billion of net interest income and $2.73 billion of noninterest income, from $6.01 billion, including $3.46 billion of net interest income and $2.55 billion of noninterest income, in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.12 per share on revenue of $7.15 billion for the quarter. Analysts' estimates typically exclude certain special items.

Provision for credit losses for the quarter was $821 million, up from $311 last year.

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