U.S. Bancorp (NYSE:USB) shares rose more than 5% on Friday following the company’s reported Q2 earnings results, with revenue coming in at $6.01 billion, beating the Street estimate of $5.92 billion. EPS was $0.99, compared to the Street estimate of $1.06.
Average loans increased 3.6% quarter-over-quarter, helping drive an 8.3% increase in net interest income (NII). Management’s updated guidance of 2022E NII up low to mid-teens year-over-year (vs. 8—11% last quarter) suggests a nice continued bump to H2/22 results into next year and offset to fees now expected slightly down (vs. stable prior).