U.s. bancorp reports second quarter 2020 results

Reports second quarter 2020 results.qtrly net revenue of $5,838 million.qtrly earnings per share $0.41.qtrly return on average assets of 0.51%, return on average common equity of 5.3%.provision for credit losses for q2 2020 was $1,737 million, which was $744 million higher than prior quarter.qtrly net interest income on taxable-equivalent basis was $3,224 million, a decrease of $108 million.qtrly total net charge-offs $437 million versus $393 million in q1.qtrly provision for credit losses included $1,300 million increase in allowance for credit losses.based on 2020 stress test results, co will be subject to minimum stress capital buffer of 2.5%.expects to maintain its current quarterly common dividend of $0.42 per common share.qtrly earnings results were reflective of more challenging economic environment than co has seen in some time.lower qtrly net income y-o-y due to increase in provision for credit losses from deteriorating economic conditions due to covid-19 impact.q2 earnings per share view $0.22, revenue view $5.54 billion -- refinitiv ibes data.
USB Ratings Summary
USB Quant Ranking