US Bancorp Q2 Earnings: Net Interest Income Dips, But Fee Income Grows
Portfolio Pulse from Lekha Gupta
U.S. Bancorp (NYSE:USB) reported its Q2 FY24 earnings, showing a dip in net interest income but growth in fee income. Revenue was $6.867 billion, beating expectations. Net interest income fell 8.9% Y/Y, while non-interest income rose 3.3% Y/Y. Adjusted EPS was $0.98, beating the consensus of $0.94. The provision for credit losses decreased by 30.8% Y/Y. USB shares are up 1.41% premarket.
July 17, 2024 | 12:29 pm
News sentiment analysis
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POSITIVE IMPACT
First Trust Nasdaq Bank ETF (FTXO) may experience a positive impact due to U.S. Bancorp's strong Q2 FY24 earnings, as USB is a component of this ETF.
USB's better-than-expected earnings report could positively influence FTXO, given USB's inclusion in this ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
IShares U.S. Regional Banks ETF (IAT) may see a positive impact due to U.S. Bancorp's better-than-expected earnings report, as USB is a component of this ETF.
USB's positive earnings report could have a favorable impact on IAT, as USB is a significant component of this ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
U.S. Bancorp reported Q2 FY24 earnings with revenue of $6.867 billion, beating expectations. Net interest income fell 8.9% Y/Y, while non-interest income rose 3.3% Y/Y. Adjusted EPS was $0.98, beating the consensus of $0.94. Shares are up 1.41% premarket.
The earnings report shows mixed results with a decline in net interest income but growth in fee income and a beat on adjusted EPS. The market has reacted positively, with shares up 1.41% premarket.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100