U.S. Bancorp's (USB) CEO Andy Cecere on Q2 2022 Results - Earnings Call Transcript

U.S. Bancorp (NYSE:USB) Q2 2022 Earnings Conference Call July 15, 2022 9:00 AM ET

Company Participants

Jen Thompson - Head, Corporate Finance and Investor Relations

Andy Cecere - Chairman, President and Chief Executive Officer

Terry Dolan - Vice Chair and Chief Financial Officer

Conference Call Participants

Scott Siefers - Piper Sandler

John Pancari - Evercore

Gerard Cassidy - RBC

Erika Najarian - UBS

Mike Mayo - Wells Fargo Securities

Matt O’Connor - Deutsche Bank

Bill Carcache - Wolfe Research

Ebrahim Poonawala - Bank of America

Operator

Welcome to the U.S. Bancorp’s Second Quarter 2022 Earnings Conference Call. Following a review of the results by Andy Cecere, Chairman, President and Chief Executive Officer; and Terry Dolan, Vice Chair and Chief Financial Officer, there will be a formal question-and-answer session. [Operator Instructions] This call will be recorded and available for replay beginning today at approximately 11:00 a.m. Central Time.

I will now turn the call over to Jen Thompson, Head of Corporate Finance and Investor Relations for U.S. Bancorp. You may go ahead, Jen.

Jen Thompson

Thank you, Cheryl and good morning everyone. With me today are Andy Cecere, our Chairman, President and CEO and Terry Dolan, our Chief Financial Officer. During their prepared remarks, Andy and Terry will be referencing a slide presentation. A copy of the slide presentation as well as our earnings release and supplemental analyst schedules are available on our website at usbank.com.

I’d like to remind you that any forward-looking statements made during today’s call are subject to risk and uncertainty. Factors that could materially change our current forward-looking assumptions are described on Page 2 of today’s presentation in our press release and in our Form 10-K and subsequent reports on file with the SEC.

I will now turn the call over to Andy.

Andy Cecere

Thanks, Jen. Good morning, everyone, and thank you for joining our call. Following our prepared remarks, Terry and I will take any questions you have.

I will begin on Slide 3. In the second quarter, we reported earnings per share of $0.99, which included $0.10 per share of merger and integration charges related to the planned acquisition of MUFG Union Bank. Excluding these notable items, we reported earnings per share of $1.09. We achieved record net revenue this quarter totaling $6 billion. Second quarter results were highlighted by strong revenue growth driven by robust net interest income and fee revenue and stable credit quality. Revenue growth was driven by strong growth in earning assets and the benefit of rising rates as well as good underlying business activity and customer acquisition trends across our fee businesses.