U.S. Bancorp Q2 Earnings Rise (USB)

U.S. Bancorp (NYSE:USB), one of the largest regional banks in the U.S., reported an 18% increase in its second quarter profit. The bank lowered its credit costs and posted robust revenue growth in the second quarter of 2012.

USB has benefited from strong lending demand. In the second quarter, the bank’s lending activity stood at $67.2 billon. USB’s lending activity has helped in offsetting some of the pressure the banking sector faces due to low interest rates.

U.S. Bancorp’s average total loans for the quarter rose 7.7%, with commercial borrowing rising 19.9%.

The bank’s loan-loss provisions stood at $470 million in the second quarter, compared to $572 million reported in the second quarter of 2011.

USB reported second-quarter earnings of $1.42 billion, or $0.71 per share, compared to $1.2 billion, or $0.60 per share reported a year ago. USB’s second-quarter earnings beat consensus forecast by a penny.

Revenue for the quarter rose 8.1% to $5.07 billion. The consensus revenue forecast was of $4.98 billion.

USB stock has opened marginally lower in early trading today as investors digest the bank’s latest quarterly results. At last check, the stock was down 0.46% to $32.80. USB has gained 20.74% year-to-date, outperforming the S&P 500.

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

WHAT IS ADVFN?

ADVFN covers all things stock market.

From the news and opinion pieces on pages like this to share discussion forums, charting tools, financials, live share prices and Level 2, order book data

If you trade or invest ADVFN has the tools you need to make the right decisions.

• 

  101 Ways to Pick Stock Market Winners

  You need the number one bestselling investment guide, the definitive text for day traders, investors and stock pickers.

• 

  The Death of Wealth

  Dissecting the global economy and the financial markets, the book lays out the evidence for the next economic game changer: the Death of Wealth.

• 

  Luis Aureliano

• 

  Justin Waite

• 

  Capital Spreads

• 

  Fiona Craig