UPDATE: U.S. Bancorp Posts Higher Q2 Profit, Shares Rise In Pre-Market

U.S. Bancorp USB reported a rise in its second-quarter profit. U.S. Bancorp posted its quarterly earnings of $1.5 billion, compared to $1.48 billion, in the year-ago period. On a per-share basis, it earned $0.78 per share versus $0.76 per share. Its revenue climbed 4.9% to $5.19 billion. The bank's average total loans increased 6.8% to $15.3 billion. Residential mortgages loans jumped 10.5%, while total commercial loans increased 12.4%. Analysts were expecting earnings of $0.77 per share on revenue of $4.94 billion. The bank's total noninterest expense surged 7.7% y/y to $2,753 million. Its provision for credit losses dropped 10.5% y/y to $324 million. Net interest income rose 2.7% y/y to $2,744 million. Average total deposits surged 6% y/y to $15.0 billion. U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “Today, U.S Bancorp reported record second quarter earnings of $1.5 billion, or $.78 per diluted share, which reflects the overall strength and diversity of our business. Once again, we delivered strong performance across key metrics with returns on average assets and average common equity of 1.60 percent and 15.1 percent, respectively, and industry-leading efficiency. These results highlight the benefits of our diversified business strategy and prudent expense management philosophy as we continue to produce strong returns for our shareholders.” U.S. Bancorp shares gained 1.62% to $44.00 in pre-market trading.