MINNEAPOLIS (dpa-AFX) - U.S. Bancorp (USB) said its second quarter results were strong, with record net revenue driving earnings per share growth of 22% year-over-year, and return on tangible common equity of 18.7%. The company noted that its record net revenue was driven by robust loan growth, broad-based fee momentum, and one month impact from the BTIG acquisition. For fiscal 2026, including BTIG, the company projects: total net revenue growth of 7% to 9%. Excluding BTIG, the company expects: total net revenue growth of 5% to 7%.
Second quarter net income attributable to U.S. Bancorp was $2.177 billion, an increase of 20% year-over-year. Earnings per common share was $1.35, an increase of 22%. Total net revenue was $7.71 billion compared to $7.00 billion. Total net revenue, excluding BTIG fee revenue, was $7.66 billion, for the quarter.
Net interest income increased 7.5 percent on a taxable equivalent basis, primarily due to loan growth, improved earning asset mix and benefits from fixed asset repricing, while net interest margin increased to 2.79 percent from 2.66 percent. Noninterest income increased 13.7 percent, reflecting higher revenue across all fee revenue categories and the contribution from the BTIG acquisition.
In pre-market trading on NYSE, U.S. Bancorp shares are down 0.90 percent to $62.47.
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