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U.S. Bank owner meets profit forecast

Friday, July 21, 2000 | 11:18 a.m.

THE ASSOCIATED PRESS

MINNEAPOLIS -- U.S. Bancorp said profits rose 5 percent to $393.1 million, or 52 cents a share, in the second quarter from $374.3 million, or 51 cents a share, a year earlier.

Excluding merger-related charges and other special items, second-quarter earnings were $402.6 million or 54 cents a share. That was what analysts surveyed by First Call/Thomson Financial had expected.

John "Jack" Grundhofer, chairman and chief executive, said the second-quarter results reflected "strong loan and fee growth and on-plan expenses." He added that "lagging deposit growth in both consumer banking and wholesale banking has had a negative impact on net interest income growth."

He projected full-year earnings at between $2.18 and $2.23 a share, or "within the range of current analyst expectations."

U.S. Bancorp, with $86 billion in assets, operates about 1,000 banking offices in the Midwest and West.

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