Bancorp shares rise after solid second quarter results

U.S Bancorp reported a 2.7% increase in net income for the second quarter, driven by 8.1% growth in the top line.

The company posted net income of $1.52bn for the second quarter, compared to $1.42bn in the corresponding time last year. Its earnings per share grew 3.8% to $0.83 per share from $0.80 a share in the same period last year.

Revenue rose 8.1% to $5.45bn, beating analysts' expectations of $5.19bn.

US Bancorp Chairman and CEO, Richard Davis, spoke regarding the results saying, "U.S. Bancorp reported strong second quarter results, delivering record revenue and net income in an economy that continues to be challenged by global concerns and low interest rates."

"Despite these economic headwinds we continued to effectively execute on our strategy to be the most trusted choice and to unify the customer experience. The second quarter was a record quarter for us as we once again delivered industry-leading returns, steady loan growth and strength in our fee-based businesses."

Shares in Bancorp rose 1.24% to $41.76 at 1606 BST.