:max_bytes(150000):strip_icc()/GettyImages-1000642452-64f4cca5f05d496f8ee2088ece96abcc.jpg "U.S. Bancorp Stock Pops on Q2 Earnings Beat")
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Key Takeaways
- U.S. Bancorp reported second-quarter earnings per share (EPS) of $0.97 on revenue of $6.87 billion, beating analysts’ estimates.
- CEO Andy Cecere cited “improved linked quarter net interest income.”
- Shares advanced 5% in intraday trading Wednesday.
U.S. Bancorp (USB) shares surged in intraday trading Wednesday after the bank holding company’s second-quarter results beat analysts’ expectations on the top and bottom lines.
The company reported earnings per share (EPS) of $0.97 on revenue of $6.87 billion, above Visible Alpha consensus estimates of $0.94 per share in profit on revenue of $6.79 billion. Net interest income (NII) was $4.02 billion, topping estimates of $3.96 billion.
CEO Touts ‘Improved Linked Quarter Net Interest Income’
“This quarter we generated $6.9 billion in net revenue driven by improved linked quarter net interest income, supported by healthy deposit growth, and continued momentum in leveraging our diversified fee income platform to deepen relationships,” Chief Executive Officer (CEO) Andy Cecere said.
U.S. Bancorp shares, which had been essentially flat for the year through Tuesday’s close, traded nearly 5% higher at $45.30 as of 1:40 p.m. ET Wednesday.