U.S. Bancorp reported net income of $1,483 million for Q2/15 compared with $1,495 million in Q2/14. Earnings per share of $0.80 met the expectations of analysts polled by Thomson Reuters.
Total net revenue of $5.04 billion was down 2.8% from $5.19 billion a year earlier primarily as a result of lower noninterest income of $2.27 billion versus $2.44 billion in Q2/14.
The following highlights were excerpted from the news release:
- The YTD 2015 net interest margin of 3.05% was down 25 basis points from 3.31% for the same period in 2014.
- The YTD 2015 average lease financing balance of $5.32 billion was up 4.3% from $5.10 billion a year earlier.
- The YTD 2015 provision for credit losses of $545 million was down 13.5% from the $630 million reported for the same period in 2014.
U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “U.S. Bancorp once again demonstrated the effectiveness of its business model as we delivered solid second quarter financial results in a challenging operating environment for financial institutions. We achieved net income of $1.48 billion, or $0.80 per diluted common share and continue to realize industry-leading performance measures, with a return on average assets (ROA) of 1.46%, return on average common equity (ROE) of 14.3% and an efficiency ratio of 53.2%. As we pursue our vision for the future, we must continue to balance the investments we make in our highest return initiatives with prudent financial discipline – that’s the nature of navigating through this low interest rate environment.”
Access the full U.S. Bancorp news release here.