US Bancorp (USB) announced its second-quarter profit, which has risen from the same period last year and surpassed Wall Street expectations.
The company's net income reached $1.52 billion, or $0.97 per share, compared to $1.28 billion, or $0.84 per share, in the second quarter of the previous year.
After excluding special items, US Bancorp's adjusted earnings stood at $1.54 billion, or $0.98 per share, for the quarter.
On average, analysts anticipated earnings of $0.94 per share, as per data collated by Thomson Reuters. Analysts' forecasts typically exclude special items.
However, the company's revenue for the quarter decreased by 4.3% to $6.87 billion, down from $7.18 billion in the previous year.
Key financial figures for US Bancorp (GAAP):
- Earnings (Q2): $1.52 billion vs. $1.28 billion last year
- EPS (Q2): $0.97 vs. $0.84 last year
- Revenue (Q2): $6.87 billion vs. $7.18 billion last year
