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U.S. Bancorp profits increase in Q2

Earnings come in ahead of expectations

U.S. Bancorp posted its earnings today, showing a profit in the second quarter due to an increase in both loans and deposits, according to an article by Austen Hufford for The Wall Street Journal.

The bank posted earnings of $1.52 billion, up from $1.48 billion last year, the article said. Earnings rose $0.83 per share, up from $0.80 last quarter. Revenue rose 8.1% to $5.45 billion.

This was an increase from what analysts expected of $0.80 per share in earnings and $5.18 billion in venue, according to Thomson Reuters.

From the article:

Chief Executive Richard Davis said during a call with analysts that the company is seeing signs of a recovery.

“On a real-time basis which we live in every day, we are seeing a slow recovery,” he said. “A recession says things are going backwards…we are not seeing that.”

Excluding an asset sale, noninterest revenue increased 4.4% due to increases in credit and debit card revenue, trust and investment management fees and commercial products revenue.

Bancorp had an increase in earnings at a time when mortgage rates are near their all-time lows, which means banks are struggling to make a profit.

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