U.S. Bancorp (NYSE:USB) unveiled its latest quarterly earnings results on Wednesday, which were stronger than what analysts expected, while also coming in ahead of the same metric during the business’ year-ago quarter.
The bank holding company — based out of Minneapolis, Minn. — said that for its second quarter of the current fiscal year, it amassed earnings of $1.09 per share, which was good for a 6.9% surge when compared to the year-ago period. This period is also better than the Wall Street consensus profit guidance of $1.07 per share.
U.S. Bancorp added that it amassed sales of $5.82 billion during the period, which is better than the $5.73 billion that analysts predicted. This also marked a 3.2% increase when compared to the $5.64 billion it gained during the same period a year ago.
The company’s quarter raked the benefits of diverse loan and fee income growth during the three-month period even though it faced an interest rate environment that made life difficult for its net interest margin. During the previous quarter, the business raked in a profit of $1 per share, as well as sales of $5.58 billion.
USB stock is up about 2.9% on Wednesday following the company’s quarterly earnings results, which saw profit and revenue impress.
U.S. Bancorp was first established in Portland, Oregon back in 1891, and it has gone through a series of name changes since then.