U.S. Bancorp's (USB) second-quarter profit jumped 57% as the
lender continued a trend of reducing loan loss provisions and
witnessed stronger lending activity.
One of the nation's largest regional banks, U.S. Bancorp has in
past quarters turned in a strong performance versus its peers. Like
many other banks, U.S. Bancorp has made loan growth a strong
priority; Wednesday, the bank said it recorded a 4% increase in
average total loans from the prior year period.
U.S. Bancorp reported a second-quarter profit of $1.2 billion,
or 60 cents a share, compared with $766 million, or 45 cents a
share, a year earlier.
Net revenue edged up 3.8% to $4.69 billion. Analysts polled by
Thomson Reuters most recently forecast a per-share profit of 53
cents on $4.55 billion in revenue.
Loan-loss provisions were $572 million, compared with $1.14
billion a year ago and $755 million in the prior quarter.
Shares closed Tuesday at $25.03 and were inactive in recent
premarket trading. Through the latest close, the stock is down 7.2%
since the start of the year.
-By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com