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.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
U.S. Bancorp Q1 Results Top Estimates
U.S. Bancorp, Mitsubishi UFJ Financial Agree To Extend Purchase Agreement
Pound Falls Amid Risk Aversion
U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June
U.S. Import Price Unexpectedly Decrease 0.4% In May
TriplePoint Venture Growth BDC CFO Christopher Mathieu Plans To Retire
Bay Street Likely To Open On Subdued Note
