U.S. Bank Reports 2Q Earnings Down 43 Percent

MINNEAPOLIS (WCCO) -- U.S. Bank reported its second quarter earnings on Wednesday, revealing a net income of $689 million, or 41 cents a share. Compared to last quarter, their earnings were down 43%, and compared to this point last year, earnings are down 62%.

The bank's net revenue however, stayed mostly flat; the $5.84 billion revenue showed a slight 0.3% growth compared to the second quarter of 2019, when revenue was $5.82 billion. Non-interest income grew 5% over the last year.

"Our second quarter earnings results were reflective of a more challenging economic environment than we have seen in some time," said U.S. Bancorp President and CEO Andy Cecere. "However, our diversified business mix generated healthy fee revenue growth, expenses were essentially flat, and capital and liquidity positions ended the quarter in a strong position."

Due to COVID-19, the bank has been administering a large number of loans. To date, U.S. Bank has loaned $7.3 billion to 101,000 people participating in the Paycheck Protection Program. Approximately 87% of those loans were for less than $100,000. The company reported a total loan growth of 6.9% compared to the last quarter, and 10% over the last year.