U.S. Bancorp reported a ho-hum second quarter Wednesday, with slowing revenue dragging on results.
Profits rose 4.9 percent, or 76 cents per share, to about $1.5 billion largely on lower expenses and setting aside less for future loan losses.
The somewhat sluggish results met Wall Street expectations but did not pack the punch of other big banks showing particularly strong second-quarter numbers. Profits at giant Bank of America, which also reported Wednesday, jumped 63 percent.
U.S. Bank's 4.9 percent year-over-year profit growth is the lender's slowest since 2009. Revenue fell 2.4 percent to $4.95 billion, with the bank saying it was slammed by the slower mortgage banking activity plaguing other lenders, as well.
CEO Richard Davis tried to sound upbeat during a conference call with analysts, talking about green shoots being "real and sustainable." But, as usual, he was cautious about the improving economy and appetite for credit.
"It's not a rush to huge recovery, but it's absolutely and positively no longer a concern of going backward," Davis said.
"We're just seeing customers being thoughtful, careful. But one at a time they're starting to get more comfortable about their future and are starting to invest."
Minneapolis-based U.S. Bank, which employs more than 11,000 people in Minnesota, celebrated its 150th anniversary last week by ringing the bell at the New York Stock Exchange. It's regarded as one of the country's top-performing big banks, with industry-leading profitability.
