US Bancorp Beats Analysts' 1Q Profit Expectations
July 15 2020 - 7:35AM
Dow Jones News
By Matt Grossman
U.S. Bancorp Wednesday reported a higher profit than analysts
had expected in its second quarter, despite a higher provision for
credit losses that the company said was driven by deteriorating
economic conditions from the Covid-19 pandemic.
The bank holding company recorded net income in the quarter of
$689 million, or 41 cents a share, compared with income in last
year's second quarter of $1.82 billion, or $1.09 a share.
Analysts were expecting earnings of 32 cents a share, according
to FactSet.
In the second quarter, the bank's net interest income on a
taxable-equivalent basis was $3.22 billion, compared with $3.33
billion a year earlier. Noninterest income increased to $2.61
billion, from $2.49 billion a year earlier.
Analysts were expecting net interest income of $3.22 billion and
non-interest income of $2.35 billion.
The bank provisioned $1.74 billion for credit losses in the
quarter, compared with a provision of $993 million in the first
quarter of the year.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 15, 2020 07:20 ET (11:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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