U.S. Bancorp notched record revenue in the latest quarter, thanks to strong loan growth, broad momentum on fees and a one-month boost from the recent acquisition of financial-services firm BTIG.

The Minneapolis-based parent of U.S. Bank National Association said net income rose in the second quarter to $2.18 billion, or $1.35 a share, from $1.82 billion, or $1.11, a year earlier. The results beat the $1.28 a share mean estimate of analysts polled by FactSet.

Overall revenue increased 10% to $7.71 billion for the three months, topping the $7.58 billion analysts had penciled in.

Net interest income totaled $4.39 billion on a taxable-equivalent basis, up 7.5% from last year, while noninterest income rose 13.7% to $3.33 billion.

The lift in revenue was partially offset by a higher noninterest expense and increased provision for credit losses.

The credit-loss provision stood at $538 million for the latest quarter, reduced from $576 million the quarter before, but above the $501 million set aside in the same period last year. U.S. Bancorp's provision for credit losses increased 7.4%, which it said was primarily due to loan portfolio growth.

The noninterest expense increased 5.9%, largely due to the impact of the BTIG acquisition, higher compensation and employee benefits expense, as well as a higher technology and communications expense, as well as increased marketing and business development costs.

U.S. Bancorp said in June that it would boost its quarterly stock dividend 3.8% to 54 cents a share, after passing the Federal Reserve's Dodd-Frank Act stress test. Earlier the same month, it finalized the up to $1 billion acquisition of BTIG in a move aimed at expanding its markets-based product set and revenue.

The company ended the quarter with a common equity Tier one capital ratio of 10.8%, unchanged from the prior quarter.

Chief Executive Gunjan Kedia said U.S. Bancorp began the second half of the year with a favorable economic backdrop and strong momentum, and with the BTIG acquisition having strengthened its capital markets capabilities and providing additional opportunities to deepen client relationships.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

July 16, 2026 07:22 ET (11:22 GMT)

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