U.S. Bancorp posts record revenue as loan growth and BTIG acquisition lift results
Strong lending demand and rising fee income help U.S. Bancorp deliver record quarterly revenue in the second quarter. The performance also reflects an added contribution from BTIG, whose acquisition was finalized in June in a deal valued at up to $1 billion.
Highlights
- U.S. Bancorp net interest income rises 7.7% year-over-year to $4.36 billion in Q2, driven by 7.1% loan growth and fixed-asset repricing.
- Profit attributable to U.S. Bancorp increases 20% to $2.18 billion as total net revenue climbs 10.1% to $7.71 billion, with fee revenue up 13.2% to $3.37 billion.
- BTIG acquisition, finalized in June for up to $1 billion, boosts capital markets revenue 62.5% to $512 million, enhancing fee-generating business momentum.
Quarterly performance gains momentum
As reported by Reuters, U.S. Bancorp says net interest income rises 7.7% from a year earlier to $4.36 billion in the second quarter, helped by strong loan growth and fixed-asset repricing.Average loan growth is 7.1%, supported by commercial, credit card and commercial real estate lending. Total fee revenue jumps 13.2% to $3.37 billion during the quarter, while profit attributable to U.S. Bancorp increases 20% to $2.18 billion and total net revenue climbs 10.1% to $7.71 billion.
Chief Executive Gunjan Kedia says the bank posts a third consecutive quarter of record consumer deposits, while credit quality continues to improve.
BTIG deal strengthens capital markets business
The fifth-largest U.S. commercial bank finalizes its acquisition of investment bank BTIG in June, adding to its capital markets presence. The transaction is worth up to $1 billion.The BTIG acquisition, together with higher fees from corporate bond underwriting and stronger client-related derivatives activity, drives a 62.5% surge in quarterly capital markets revenue to $512 million. The results indicate broader momentum in fee-generating businesses as banks seek to offset pressure in traditional lending operations.
Our earlier report examined how major U.S. banks entered the second-quarter earnings season with a boost from renewed dealmaking and active trading conditions, lifting investment banking fees to their strongest level since 2021. We also noted that resilient consumer borrowing helped support net interest income and contributed to broad profit beats across the sector.
Latest Company News News
-
Afghanistan
-
Albania
-
Algeria
-
Angola
-
Argentina
-
Armenia
-
Australia
-
Austria
-
Azerbaijan
-
Bahamas
-
Bahrain
-
Bangladesh
-
Belarus
-
Belgium
-
Bolivia
-
Botswana
-
Brazil
-
Brunei
-
Bulgaria
-
Cambodia
-
Cameroon
-
Canada
-
Chile
-
China
-
Colombia
-
Congo
-
Costa Rica
-
Cote d'Ivoire
-
Croatia
-
Cuba
-
Cyprus
-
Czechia
-
DR Congo
-
Denmark
-
Dominican Republic
-
Ecuador
-
Egypt
-
El Salvador
-
Estonia
-
Eswatini
-
Ethiopia
-
Finland
-
France
-
Georgia
-
Germany
-
Ghana
-
Greece
-
Haiti
-
Hong Kong
-
Hungary
-
India
-
Indonesia
-
Iran, Islamic republic
-
Iraq
-
Ireland
-
Israel
-
Italy
-
Jamaica
-
Japan
-
Jordan
-
Kazakhstan
-
Kenya
-
Korea
-
Kuwait
-
Kyrgyzstan
-
Laos
-
Latvia
-
Lebanon
-
Lesotho
-
Libya
-
Lithuania
-
Luxembourg
-
Madagascar
-
Malaysia
-
Malta
-
Mauritius
-
Mexico
-
Moldova
-
Mongolia
-
Montenegro
-
Morocco
-
Mozambique
-
Myanmar
-
Namibia
-
Nepal
-
Netherlands
-
New Zealand
-
Nigeria
-
North Macedonia
-
Norway
-
Oman
-
Pakistan
-
Palestine
-
Panama
-
Papua New Guinea
-
Paraguay
-
Peru
-
Philippines
-
Poland
-
Portugal
-
Puerto Rico
-
Qatar
-
Reunion
-
Romania
-
Rwanda
-
Saudi Arabia
-
Serbia
-
Singapore
-
Slovakia
-
Slovenia
-
Somalia
-
South Africa
-
Spain
-
Sri Lanka
-
Sweden
-
Switzerland
-
Syria
-
Taiwan
-
Tajikistan
-
Tanzania
-
Thailand
-
Trinidad and Tobago
-
Tunisia
-
Turkey
-
UAE
-
Uganda
-
Ukraine
-
United Kingdom
-
United States
-
Uruguay
-
Uzbekistan
-
Venezuela
-
Vietnam
-
Yemen
-
Zambia
-
Zimbabwe
- Forex
- Crypto
