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Jun 30, 2020
US Bancorp Q2 2020 Earnings Report
Second quarter earnings were reported, reflecting a challenging economic environment with a decrease in net income due to increased provision for credit losses.
Key Takeaways
U.S. Bancorp reported net income of $689 million and diluted earnings per common share of $0.41 for the second quarter of 2020. The results reflect a more challenging economic environment with an increase in the provision for credit losses.
Net income of $689 million and diluted earnings per common share of $0.41.
Net revenue of $5,838 million, including $3,224 million of net interest income and $2,614 million of noninterest income.
Provision for credit losses of $1,737 million increasing allowance for credit losses by $1,300 million reflecting the current economic environment
Noninterest income increased 5.0% year-over-year
Revenue by Segment
Forward Guidance
The Company expects to maintain its current quarterly common dividend of $0.42 per common share; but, given the unprecedented economic environment, will adjust its capital distributions as circumstances warrant.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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