U.S. Bancorp (USB: Quote) reported that its second-quarter net income applicable to shareholders was $1.345 billion or $0.71 per share, up from $1.167 billion or $0.60 per share in the same quarter last year. Earnings for the second quarter of 2012 were driven by year-over-year growth in total net revenue and a lower provision for credit losses. Analysts polled by Thomson Reuters expected the company to report earnings of $0.70 per share for the quarter. Analysts' estimates typically exclude special items.
Net interest income for the quarter rose to $2.658 billion from $2.488 billion in the prior year quarter. Total non-interest income was $2.355 billion, up from $2.146 billion in year ago quarter.
Total revenues on a taxable-equivalent basis for the quarter rose to $5.068 billion from $4.690 billion in the prior year quarter. Twenty four analysts had consensus revenue estimate of $4.98 billion for the quarter.
Click here to receive FREE breaking news email alerts for US Bancorp and others in your portfolio
by RTT Staff Writer
For comments and feedback: firstname.lastname@example.org