US Bancorp Earnings: Profit Rises by Double-Figures for Fifth Consecutive Quarter

S&P 500 (NYSE:SPY) component US Bancorp (NYSE:USB) reported net income above Wall Street’s expectations for the second quarter. U.S. Bancorp is a financial holding company that provides financial services through its subsidiaries, including lending and depository services, cash management, foreign exchange and trust and investment management services.

Don’t Miss: Wall St. Cheat Sheet’s newest Feature Trades of the Month!

US Bancorp Earnings Cheat Sheet for the Second Quarter

Results: Net income for the bank rose to $1.2 billion (60 cents per share) vs. $766 million (45 cents per share) in the same quarter a year earlier. This marks a rise of 57% from the year earlier quarter.

Revenue: Noninterest income was $2.15 billion last quarter.

Actual vs. Wall St. Expectations: USB beat the mean analyst estimate of 53 cents per share.

Quoting Management: U.S. Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said, “Our second quarter results clearly illustrate our Company’s continuing ability to produce solid, repeatable, and high quality earnings in a challenging environment. Diluted earnings per common share of $.60 were 33.3 percent higher than the prior year’s quarter and 15.4 percent higher than the prior quarter and were driven by revenue growth and improving credit costs. Our industry-leading performance metrics, including a return on average assets of 1.54 percent, a return on average common equity of 15.9 percent and an efficiency ratio of 51.6 percent, continue to move us closer to our long term normalized targets, demonstrating the through-the-cycle strength of our franchise and business model.”

Key Stats:

The company has now topped analyst estimates for the last four quarters. It beat the mark by 3 cents in the first quarter, by one cent in the fourth quarter of the last fiscal year, and by 2 cents in the third quarter of the last fiscal year.

Competitors to Watch: Bank of America Corp. (NYSE:BAC), Wells Fargo & Company (NYSE:WFC), JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), Comerica Incorporated (NYSE:CMA), Zions Bancorporation (NASDAQ:ZION), Pinnacle Financial Partners (NASDAQ:PNFP), Regions Financial Corp. (NYSE:RF), Goldman Sachs Group, Inc. (NYSE:GS), and Capitol Bancorp Ltd. (NYSE:CBC).

Don’t Miss Wall St. Cheat Sheet’s newest Feature Trades of the Month!

(Source: Xignite Financials)