U.S. Bancorp Q2 Results Top Estimates

(RTTNews) - U.S. Bancorp (USB) reported Wednesday that net income attributable to U.S. Bancorp common shareholders for the second quarter increased to $1.52 billion or $0.97 per share from $1.28 billion or $0.84 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $1.54 billion or $0.98 per share, compared to $1.71 billion or $1.12 per share in the year-ago quarter.

Total net revenue for the quarter decreased 4.3 percent to $6.87 billion, including $4.05 billion of net interest income and $2.82 billion of noninterest income, from $7.18 billion, including $4.45 billion of net interest income and $2.73 billion of noninterest income, in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share on revenue of $6.79 billion for the quarter. Analysts' estimates typically exclude certain special items.

Provision for credit losses for the quarter was $568 million, up from $821 last year.

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