U.S. Bancorp Exceeds Expectations with 29% Jump In Adjusted Net Interest Income, Well-Positioned For Revenue Growth Strategies
Portfolio Pulse from Anusuya Lahiri
U.S. Bancorp (NYSE:USB) reported a 19.7% YoY increase in Q2 total adjusted net revenue to $7.197 billion, exceeding consensus estimates. Adjusted net interest income rose 28.5% to $4.42 billion, while adjusted noninterest income increased 7.8% to $2.75 billion. The company's provision for credit losses jumped to $578 million, driven by the acquisition of MUFG Union Bank and economic uncertainty. Despite the positive earnings report, USB shares fell 1.48% in premarket trading.
July 19, 2023 | 12:30 pm
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U.S. Bancorp reported strong Q2 earnings, exceeding consensus estimates. However, its shares fell 1.48% in premarket trading, indicating a potential negative short-term impact.
U.S. Bancorp reported strong Q2 earnings, exceeding consensus estimates. This is generally a positive signal for the company's performance and could attract investors. However, the company's shares fell in premarket trading, indicating a potential negative short-term impact on the stock price. This could be due to factors not mentioned in the article, such as broader market trends or investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100