U.S. Bancorp, parent of U.S. Bank, on Wednesday announced second-quarter profits rose by 18 percent from a year earlier.
The company said it earned
$1.42 billion, or 71 cents per share, in the quarter ended June 30, up from earnings of $1.2 billion, or 60 cents per share, a year earlier.
Analysts surveyed by Yahoo Finance had, on average, expected 70 cents per share in earnings.
Richard Davis, chief executive officer of U.S. Bank, which has $1.87 billion in local deposits and operates 73 branches in Southern Nevada, said the bank achieved growth in “virtually every fee category” this quarter compared to the first quarter of 2012.
“Expenses were well controlled, and we achieved positive operating leverage on both a year-over-year and linked-quarter basis,” Davis said in a statement.
Revenue also exceeded expectations rising 8.1 percent to $5.07 billion, driven by a 6.6 percent growth in net interest income, as well as 9.7 percent growth in noninterest income. Analysts expected quarterly revenue of $4.98 billion.
Revenue from mortgage banking more than doubled year-over-year from $239 million to $490 million, the bank said in its earnings report. Davis credited the profitable quarter to his running a “boring” bank that takes deposits and makes loans while avoiding volatile businesses such as investment banking.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893.