U.S. Bancorp earnings (NYSE:USB) were released early in the day on Wednesday, helping to send USB stock surging throughout the course of hump day thanks to the fact that the company’s revenue for its latest period increased when compared to its year-ago quarterly results.
The company added that its net interest income was 4% higher than it was during the year-ago quarter, reaching $3.3 billion. U.S. Bancorp also said that its higher interest rates for the period helped to boost its net interest income, while also adding higher deposit costs that had a mixed effect on the company’s overall results.
The banking institution added that its net interest margin, which measures how profitable it is, was 3.15%, an increase of 4 basis points from its fourth quarter of its fiscal 2017.
USB stock is up roughly 2.3% on Wednesday following the company’s strong quarterly revenue showing. Shares did not move after the bell.