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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| US Bancorp | NYSE:USB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.80 | -1.89% | 41.42 | 42.26 | 41.585 | 42.07 | 9,488,257 | 00:54:18 |
From May 2023 to May 2024
By Will Feuer
U.S. Bancorp posted lower earnings for the second quarter as it provisioned more for potential credit losses.
The Minneapolis-based parent company of U.S. Bank posted a profit of $1.36 billion, or 84 cents a share, in the second quarter, compared with $1.53 billion, or 99 cents a share, in the same period a year ago.
Stripping out one-time items, adjusted earnings came to $1.12 a share, matching expectations by analysts, according to FactSet.
Net interest income rose 28.5% to $4.42 billion from a year ago, but fell on a sequential basis.
Total revenue rose more than 19% to $7.18 billion. Analysts surveyed by FactSet were expecting revenue of $7.17 billion.
Average total deposits rose to $497.3 billion in the second quarter, up 8.9% from a year ago but down 2.6% from the first quarter.
The company provisioned $821 million for credit losses, up from $311 million a year earlier and $427 million in the first quarter.
Shares fell 1.5% to $36.00 in premarket trading.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
July 19, 2023 07:20 ET (11:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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