PNC Financial Services Group Inc (PNC)

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US Bancorp 2Q profit falls 18 percent
Tuesday July 15, 8:33 am ET
US Bancorp 2Q profit falls 18 percent, hurt by credit, securities losses

MINNEAPOLIS (AP) -- U.S. Bancorp says its second-quarter earnings fell 18 percent hurt by credit and securities losses.

The Minneapolis-based bank said Tuesday it earned $950 million, or 53 cents per share, down from $1.16 billion, or 65 cents per share, during the same period last year. Revenue was $3.8 billion, up 7.5 percent from $3.54 billion in the second quarter 2007.

Analysts surveyed by Thomson Financial had expected earnings of 59 cents per share on revenue of $3.78 billion.

U.S. Bancorp is the nation's sixth-largest commercial bank.