U.S. Bank sets financial records during Q2
Wednesday, July 18, 2018
U.S. Bank reported record net revenue of $5.6 billion, record net income of $1.7 billion and record diluted earnings per share of $1.02 during its second quarter. Return on average assets was 1.54 percent and return on average common equity was 15.3 percent.
The increase in net income year-over-year was primarily due to total net revenue growth of 3.5 percent partially offset by noninterest expense growth of 3.4 percent, the company said. Average total loans were $3.1 billion higher than the second quarter of 2017. The increase was due to growth in total commercial loans (2.8 percent), residential mortgages (3.9 percent), and retail leasing (13.5 percent).
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