U.S. Bancorp (USB) Tops Q2 EPS by 2c

U.S. Bancorp (NYSE: USB) reported Q2 EPS of $1.02, $0.02 better than the analyst estimate of $1.00. Revenue for the quarter came in at $5.64 billion versus the consensus estimate of $5.65 billion.

• Net income of $1,750 million and diluted earnings per common share of $1.02 in the second quarter of 2018
• Industry leading return on average assets of 1.54% and return on average common equity of 15.3%
• Return on tangible common equity of 19.8%
• Returned 69% of 2Q earnings to shareholders through dividends and share buybacks
• Year-over-year positive operating leverage
• Net interest income grew 4.9% year-over-year (4.1% on a taxable-equivalent basis)
• Total noninterest income grew 2.8% year-over year
• Payment services revenue grew 5.3%
• Trust and investment management fees increased 5.5%
• Mortgage banking revenue decreased 9.9%
• Nonperforming assets decreased 19.1% on a year-over-year basis and 9.4% on a linked quarter basis

GUIDANCE:

U.S. Bancorp sees FY2018 EPS of $3.15-$3.35, versus the consensus of $3.16.

For earnings history and earnings-related data on U.S. Bancorp (USB) click here.

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