US Bancorp Posts 63% Jump In Q2 Profit

US Bancorp USB, the fifth-biggest US bank, posted a 63% jump in its second-quarter profit, driven by a rise in income from lending and fee-generating businesses. The Minneapolis-based company said that its net income for the quarter came in at $766 million, or $0.45 a share, up from $471 million, or $0.12, in the year-ago quarter. Analysts expected US Bancorp to record earnings of $0.38 per share. USB’s net interest income for the quarter was at $2.357 billion, as compared to $2.054 billion in the same quarter a year ago. The company’s total non-interest income was $2.110 billion, up from $2.055 billion in year ago quarter. USB’s sharers moved up 0.70% to close at $23.15 yesterday. Read more from Benzinga's Company news.