U.S. Bancorp 2Q profit rises 1.6 percent

U.S. Bancorp second-quarter profit rises 1.6 percent to $1.43 billion, beats estimate

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MINNEAPOLIS (AP) -- U.S. Bancorp (USB) on Wednesday reported earnings that rose by 1.6 percent in its second quarter, and beat analysts' expectations.

The Minneapolis-based bank reported net income after dividends on preferred stock of $1.43 billion, or 78 cents per share, compared with $1.41 billion, or 76 cents per share, in the same quarter a year ago. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share.

The bank said revenue climbed 4.9 percent to $5.19 billion from $4.95 billion in the same quarter a year ago, beating Wall Street forecasts. Analysts expected $4.93 billion, according to Zacks.

U.S. Bancorp's shares have risen $2.90, or 7.2 percent, to $43.30 since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.8 percent. The stock has increased $6.03, or 16 percent, in the last 12 months.

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