U.S. Bancorp (USB) reported second quarter earnings per share of $0.41, compared to $1.09, a year ago. On average, 22 analysts polled by Thomson Reuters expected the company to report profit per share of $0.22, for the quarter. Analysts' estimates typically exclude special items. Net income attributable to U.S. Bancorp was $689 million, down 62.2 percent from prior year. Net income applicable to common shareholders declined to $614 million from $1.74 billion.
The company said the decrease in net income year-over-year was primarily due to an increase in the provision for credit losses driven by deteriorating economic conditions caused by the impact of COVID-19 on the U.S. and global economies. The company's provision for credit losses for the second quarter of 2020 was $1.737 billion, which was $1.372 billion higher than previous year. The provision for the second quarter of 2020 reflects a $1.300 billion increase in the allowance for credit losses to recognize the expected losses from the deteriorating economic conditions.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.