U.S. Bancorp Results Beat Views on Improved Net Interest Income
By Don Nico Forbes
U.S. Bancorp posted results for the second quarter that surpassed analyst expectations, with revenue driven by improving net interest income.
The U.S. bank said Wednesday that net income rose to $1.60 billion, or 97 cents a share, compared with $1.36 billion, or 84 cents a share, in the year prior period.
On an adjusted basis, earnings per share came in at 98 cents a share. Analysts were anticipating EPS of 94 cents a share, according to FactSet and based on 19 analyst estimates.
Revenue was $6.87 billion for the quarter, from $7.175 billion a year prior. This was above analyst forecasts for $6.81 billion, taken from FactSet and based on 16 analyst estimates.
Net interest income fell to $4.02 billion from $4.415 billion year on year, but rose from $3.985 in the first quarter.
The company's CET1 capital ratio was 10.3% at June 30, compared with 10.0% at March 31.
"This quarter we generated $6.9 billion in net revenue driven by improved linked quarter net interest income, supported by healthy deposit growth, and continued momentum in leveraging our diversified fee income platform," Chief Executive Andy Cecere said.
Write to Don Nico Forbes at don.forbes@wsj.com
(END) Dow Jones Newswires
July 17, 2024 07:33 ET (11:33 GMT)
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