U.S. Bancorp (NYSE:USB) communicated its second quarter earnings results on Wednesday 15th July 2020 before market open.
The reported $ 0.41 income per share for the quarter, beat the consensus estimate of $ 0.22 income per share by $ 0.19 or 86.36 percent.
The quarterly earnings fell 62.39 percent compared with the same quarter last year.
The firm had revenue of $ 5,838.00 million for the quarter, compared to the consensus estimate of $ 5538.47 million. The revenues outshined analysts estimates by $ 299.53 million or 5.41 percent.
The financial report showed revenues grew 0.27 percent versus second quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Andy Cecere, Chairman, President and CEO,said, Our second quarter earnings results were reflective of a more challenging economic environment than we have seen in some time. However, our diversified business mix generated healthy fee revenue growth, expenses were essentially flat, and capital and liquidity positions ended the quarter in a strong position. We are operating in challenging times and I am proud of how our team came together this quarter to help customers and communities weather the COVID-19 pandemic by ensuring small businesses secured loans through the Paycheck Protection Program, developing digital tools that allow customers to bank virtually, and modifying loans for those impacted by the economic slowdown.
The provision for credit losses of $ 1,737 million increasing allowance for credit losses by $ 1,300 million reflecting the current economic environment
