July 16 (Reuters) – U.S. Bancorp reported record quarterly revenue on Thursday, benefiting from robust loan growth and broad-based fee income, while its acquisition of investment bank BTIG provided an additional boost.
Here are some more details:
• Net interest income, the difference between what a bank earns on loans and pays out on deposits, rose 7.7% over the year earlier to $4.36 billion in the second quarter, driven by strong loan growth and fixed-asset repricing.
• Average loan growth was 7.1%, underpinned by strength in commercial, credit card and commercial real estate loans.
• U.S. Bancorp posted third consecutive quarter of record consumer deposits, while credit quality continued to improve, CEO Gunjan Kedia said.
• Total fee revenue jumped 13.2% to $3.37 billion during the quarter.
• The fifth-largest U.S. commercial bank in June finalized its acquisition of BTIG in an up to $1 billion deal, bolstering its capital markets presence.
• The BTIG buy, higher fees from corporate bond underwriting, and stronger client-related derivative activity drove a 62.5% surge in quarterly capital markets revenue to $512 million.
• Profit attributable to U.S. Bancorp jumped 20% to $2.18 billion. Total net revenue increased 10.1% to $7.71 billion.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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