U.S. Bancorp Exceeds Q2 Earnings Expectations, Shares Rise

The bank's cost control measures and improved net interest income contribute to an 18% increase in net income.

U.S. Bancorp reported Q2 earnings per share of $0.97 on $6.87 billion in revenue, surpassing estimates.
Shares rose nearly 5% following the earnings report.
Net income increased 18% year-over-year to $1.62 billion, driven by reduced operating expenses.
Net interest income reached $4.02 billion, though higher deposit costs impacted profitability.
Nonperforming assets increased to $1.85 billion, while net charge-offs were down 17% from the previous year.