US Bancorp Q2 results top Wall St. estimates

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Tuesday July 20, 09:45

US Bancorp Q2 results top Wall St. estimates

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US Bancorp Del (USB) reported second-quarter earnings of $1.04 billion, or 54 cents per share, up from $919.9 million, or 48 cents per share, a year ago, according to CBSMarketWatch. The average analyst estimate for the same period as polled by Thomson First Call was for earnings of 53 cents per share. CEO Jerry Grundhofer said the second quarter saw "very strong growth" in fee-based products and services and a lower provision for credit losses. The quarter included $171.7 million in losses on the sale of securities. The Minneapolis-based financial company also reported that mortgage rates rose, lowering refinancing activities and resulting in lower prepayments.

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