- Total average deposits for 2Q were $513.91 billion, slightly below the estimate of $514.04 billion.
- Total average loans were $374.69 billion, exceeding the estimate of $374.18 billion.
- There was a 2.2% increase in average total deposits.
- Average loans grew by 1%.
- Adjusted earnings per share (EPS) came in at 98 cents, above the estimate of 94 cents.
- Reported EPS was 97 cents.
- Provision for credit losses was $568 million, lower than the estimate of $594.2 million.
- Net charge-offs totaled $538 million, slightly higher than the estimate of $536.5 million.
- Net interest income on an FTE basis was $4.05 billion, surpassing the estimate of $3.99 billion.
- Net interest margin was 2.67%, just under the estimate of 2.68%.
- Non-interest income was $2.82 billion, marginally below the estimate of $2.84 billion.
- The Basel III common equity Tier 1 ratio was 10.3%, slightly above the estimate of 10.2%.
- The efficiency ratio stood at 61%, better than the estimate of 61.4%.
- Return on average assets was 0.97%, above the estimate of 0.94%.
- Return on average equity reached 12.4%, surpassing the estimate of 11.8%.
- Non-interest expenses were exactly as estimated at $4.21 billion.
- The effective tax rate was 21.6%, lower than the estimate of 21.9%.
- Analyst ratings: 10 buys, 15 holds, and 0 sells.
A look at US Bancorp Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 4 | |
| Growth | 3 | |
| Resilience | 4 | |
| Momentum | 3 | |
| OVERALL SMART SCORE | 3.6 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, U.S. Bancorp appears to have a solid long-term outlook. With strong scores in Value, Dividend, and Resilience, the company is positioned well to weather economic fluctuations and provide consistent returns to investors. This indicates that U.S. Bancorp may offer stability and reliability in terms of financial performance.
While the Growth and Momentum scores are slightly lower, the overall picture suggests that U.S. Bancorp is a well-established player in the financial services sector with a focus on delivering value and dividends to shareholders. As a diversified company operating mainly in the Midwest and Western United States, U.S. Bancorp’s mix of services including lending, depository services, and credit card offerings positions it well for long-term success in the industry.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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