U.S. Bancorp Q2 net income jumps to $1,522 millionStaff Writer | July 15, 2016
U.S. Bancorp reported net income of $1,522 million for the second quarter of 2016, or $0.83 per diluted common share.
U.S. Bancorp $0.83 per diluted common share
The second quarter of 2016 included notable items related to equity investments, legal and regulatory matters and charitable contributions that, combined, increased diluted earnings per common share by $0.01.
Net income attributable to U.S. Bancorp was $1,522 million for the second quarter of 2016, 2.6 percent higher than the $1,483 million for the second quarter of 2015, and 9.8 percent higher than the $1,386 million for the first quarter of 2016.
Diluted earnings per common share were $0.83 in the second quarter of 2016, $0.03 higher than the second quarter of 2015 and $0.07 higher than the $0.76 reported for the first quarter of 2016.
The second quarter of 2016 included $0.01 in notable items, including $180 million of equity investment income, primarily the result of our membership in Visa Europe Limited which was sold to Visa, Inc. on June 21, 2016, and $110 million in accruals related to legal and regulatory matters along with a $40 million charitable contribution.
Excluding the notable items, the increase in net income year-over-year was primarily due to an increase in net interest income of 4.5 percent.
This was mainly a result of strong loan growth, and higher noninterest income of 4.4 percent, driven by growth in credit and debit card revenue, commercial products revenue, and trust and investment management fees. ■