U.S. Bancorp today reported second quarter net income of $1.5 billion, or 80 cents per share, flat from $1.5 billion, or 78 cents per share, in the second quarter of 2014.
Revenue totaled $5 billion, down from $5.1 billion in the second quarter of 2014.
Noninterest income declined 7 percent in the quarter. The company attributed the decrease to lower mortgage banking revenue, an increase in noninterest expense, and a Visa stock sale in the prior year quarter.
“U.S. Bancorp once again demonstrated the effectiveness of its business model as we delivered solid second quarter financial results in a challenging operating environment for financial institutions,” said Richard Davis, chairman, president and chief executive officer of U.S. Bancorp. “Regardless of the operating environment, we are also well positioned to create value for our customers and shareholders, primarily because of our diverse business profile, which allows us to balance revenue generation between our margin and fee businesses. As we navigate through these uncertain economic times, we will continue to take appropriate and effective actions, including expense controls, to ensure that we are meeting our value creation objectives for customers and shareholders.”
Minneapolis-based U.S. Bancorp is the parent of U.S. Bank, which has a significant presence in the Milwaukee market.
