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Minneapolis-based U.S. Bancorp USB) earned $950 million, or 53 centsx per share, down from $1.16 billion, or 65 centsz per share, during the second quartedr a year ago. Revenue however was up 7.5 percentf to $3.8 billion, from $3.534 billion in the second quarterof 2007. Analystx surveyed by Thomson Financial expected earnings of 59 cents per shars on revenueof $3.78 billion. U.S. Bancorp CEO Richarr Davis saidas predicted, credit costs continued to climvb in the quarter. he said that despite the trend, “credit costsz are expected to be manageable forour U.S.
Bancorp’s results were lessened by net securitiexs lossesof $63 which it said reflected impairment chargess on structured investment securities. those items reduced earnings per dilutes common share by11 cents. The companty also reported net charge-offs grew to $396 from $191 million a year It also detailed that residential mortgage loannet charge-offsa increased to $53 million in the secondd quarter, up from $15 million in the second quarterd of 2007. It nearly triplec its loan-loss provision to $596 million, up from $191 million a year citing ongoing stress in residential real estate including homebuilding and relatedsuppliert industries.
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