Categories AlphaGraphs, Earnings, Finance
USB Earnings: Highlights of US Bancorp’s Q2 2023 financial results
Financial services company U.S. Bancorp (NYSE: USB) on Wednesday announced operating results for the second quarter of 2023, reporting a decline in net income despite a 19% increase in revenues.
Total net revenue increased 19% from last year to $7.18 billion, mainly reflecting a double-digit increase in net interest income to $4.42 billion. At $30.14, book value per share was up 7%.
Net income attributable to shareholders was $1.28 billion or $0.84 per share, compared to $1.46 billion or $0.99 per share in the same period of 2022. Average loans and average deposits increased by 20% and 9% respectively during the three-month period.
“Our lower net interest margin this quarter reflects both higher levels of cash given debt ceiling concerns as well as higher deposit costs due to the rate environment. Credit quality remains strong, however, we continued to strengthen our balance sheet by increasing our loan loss reserve reflecting prudent credit risk management,” said the bank’s ECEO Andy Cecere.
Prior Performance
Looking for more insights on the earnings results? Click here to access the full transcripts of the latest earnings conference calls!
Most Popular
Nike (NKE) looks set to beat hurdles and build a brighter future
Nike, Inc. (NYSE: NKE) has long been ruling the sportswear market but the company had its share of problems when headwinds like the pandemic and economic slowdown hit the business
Electronic Arts (EA): A few points to keep in mind if you have an eye on this gaming company
Shares of Electronic Arts Inc. (NASDAQ: EA) stayed green on Friday. The stock has dropped 7% over the past three months. The video game industry has been facing challenges as
Petros Pharma is focused on establishing mechanisms for Rx-to-OTC switch: CCO Fady Boctor
Petros Pharmaceuticals, Inc. (NASDAQ: PTPI) is a pharma company focused on identifying, developing, and commercializing therapeutics for men's health issues. It operates mainly through the business segments of Prescription Medications
