U.S. Bancorp quarterly net income rises on lower costs

U.S. Bancorp, parent of U.S. Bank, on Wednesday reported record earnings, as lower credit costs offset a continued decline in mortgage revenue.

The bank reported second-quarter net income of $1.48 billion, or 76 cents a share, up from $1.41 billion, or 71 cents a share, a year earlier.

U.S. Bancorp earnings were in line with analysts’ estimates of 76 cents a share.

Second-quarter revenue fell 2.4 percent to 4.95 billion, led by a decline in mortgage income, which dropped 19 percent from $490 million in the second quarter of 2012 to $396 million in the latest quarter, an earnings statement shows.

U.S. Bank operates 74 branches in Southern Nevada, with about $2.2 billion in local deposits.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.


Comment section guidelines

The below comment section contains thoughts and opinions from users that in no way represent the views of the Las Vegas Review-Journal or GateHouse Media. This public platform is intended to provide a forum for users of reviewjournal.com to share ideas, express thoughtful opinions and carry the conversation beyond the article. Users must follow the guidelines under our Commenting Policy and are encouraged to use the moderation tools to help maintain civility and keep discussions on topic.