U.S. Bancorp's 2Q Profit Narrows
15 Luglio 2022 - 01:57PM
Dow Jones News
By Connor Hart
U.S. Bancorp reported a narrower profit in its most recent
quarter, as it increased its loss reserves due to strong loan
growth and an uncertain economic environment.
The Minneapolis-based company, the parent of U.S. Bank, on
Friday reported net income attributable to the company of $1.53
billion, compared with $1.98 billion in the same quarter last
year.
The company reported per-share earnings of 99 cents, compared to
$1.28 in the previous year.
Net interest income was $3.44 billion, compared with $3.14
billion the prior year. Analysts expected net interest income of
$3.42 billion, according to FactSet.
Revenue for the quarter ended June 30 rose 4% to $6.01 billion.
Analysts polled by FactSet anticipated revenue of $5.91
billion.
Chief Executive Andy Cecere said revenue was helped by strong
growth in net interest income and fee revenue. Net interest income
was up 9.5% from the previous year due to higher average loans and
investment securities balances, as well as rising interest
rates.
Average total loans rose 10.2% from a year ago to $324.19
billion, driven by an increase in commercial loans, residential
mortgages and other retail loans, offset by declines in loans to
areas like construction and development.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
July 15, 2022 07:42 ET (11:42 GMT)
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