U.S. Bancorp (NYSE: USB) reported a decline in second-quarter earnings on flat revenues. The stronger-than-expected performance boosted investor sentiment and the bank’s stock gained during Wednesday’s premarket session.
Net income more than halved to $689 million or $0.41 per share from $1.82 billion or $1.09 per share in the second quarter of 2019. There was a 3% decline in net interest income to $3.22 billion, while revenues remained broadly unchanged at $5.84 billion, year-over-year. However, the results came in above analysts’ forecast.
U.S. Bancorp’s shares closed the last trading session at $36.29, down 1.5%. They made strong gains early Wednesday following the earnings report. The stock is down 39% since the beginning of the year and 34% in the past twelve months.