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U.S. Bancorp Tops Forecasts

Its mortgage unit revenues almost double compared to last year


U.S. Bancorp (NYSE:USB) posted second-quarter earnings of $1.41 billion, up from $1.2 billion during the same time last year. Revenue rose 8.1% to $5.07 billion.

Adjusted EPS for the quarter was 73 cents, which topped analysts’ average estimate of 70 cents, Reuters noted.

Shares of U.S. Bancorp rose fractionally in Wednesday trading.

Income from real estate and wholesale banking jumped 21% to $330 million during the second quarter. Consumer and business banking income rocketed from $189 million in 2011 to $378 million this year.

The bank reported that total loans rose 8% to $214.06 billion, while revenue at its mortgage loan unit increased to $490 million, almost twice the amount recorded in the second quarter of 2011.

It also reduced its reserves against loan losses to $470 million, down 18% from $570 million last year.

U.S. Bancorp joins other manor banks, including Citigroup (NYSE:C), JPMorgan Chase (NYSE:JPM), Wells Fargo(NYSE:WFC) and Bank of America (NYSE:BAC) in reporting improved second-quarter results.

On Tuesday, the City of Los Angeles sued the bank, alleging that a subsidiary had created urban blight by permitting foreclosed properties to remain vacant until they became uninhabitable.

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