U.S. Bancorp's Q2 earnings exceeded expectations, resulting in a 4.4% stock price increase.
U.S. Bancorp's (USB) stock price rose 4.4% after reporting stronger-than-expected Q2 earnings, with adjusted EPS of $0.98 beating the consensus estimate of $0.94. The bank's revenue was $6.87 billion, up from $6.81 billion expected, but down 4.3% year-over-year. Net interest income fell 8.9% Y/Y to $4.05 billion due to higher deposit costs and muted loan demand. The bank's CET1 capital ratio was 10.3% at June 30.
July 17, 2024
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