U.S. Bancorp 2Q profit rises 1.6 percent


The Associated Press

U.S. Bancorp (USB) on Wednesday reported earnings that rose by 1.6 percent in its second quarter, and beat analysts' expectations.

The Minneapolis-based bank reported net income after dividends on preferred stock of $1.43 billion, or 78 cents per share, compared with $1.41 billion, or 76 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.

The bank said revenue climbed 4.9 percent to $5.19 billion from $4.95 billion in the same quarter a year ago, beating Wall Street forecasts. Analysts expected $4.93 billion, according to Zacks.

U.S. Bancorp's shares have risen $2.90, or 7.2 percent, to $43.30 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.8 percent. The stock has increased $6.03, or 16 percent, in the last 12 months.

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