US Bancorp · Q2 2022 earnings

Briefing

Reported record net revenue and solid growth in net interest income and fee revenue, while also managing expenses and credit quality effectively

U.S. Bancorp reported a net income of $1.53 billion and record net revenue of $6.0 billion for Q2 2022. The results were supported by strong growth in both net interest income and fee revenue. However, the diluted earnings per share included merger and integration-related charges of $(0.10) related to the planned acquisition of MUFG Union Bank.

• Net revenue of $6,012 million including $3,464 million of net interest income and $2,548 million of noninterest income
• Net income of $1,531 million and diluted earnings per common share of $0.99, including merger and integration charges
• Return on average assets of 1.06% and return on average common equity of 13.9%. Excluding merger and integration-related charges, net income of $1,684 million, return on average assets of 1.16% and return on average common equity of 15.3%
• Noninterest income growth of 6.3% linked quarter driven by payment services revenue and trust and investment management fees

Headline financials

Revenue & EPS history

U.S. Bancorp anticipates receiving U.S. regulatory approvals for the MUFG Union Bank acquisition in time for closing to occur in the second half of 2022. However, system integration is now expected to occur in the first half of 2023.