| 2019-07-17 07:42:04|
USB 07:42 07/17 07/17/19
U.S. Bancorp says payment services revenue growth due to seasonally higher sales
Says average total loan growth was driven by growth in total commercial loans, residential mortgages and seasonal growth in credit card balances. Says average total savings deposits increased 3.8% linked quarter, primarily driven by growth within wealth management and investment services. Says net interest margin declined, primarily due to the inversion of the yield curve in Q2, seasonally lower credit card revolving rates and higher cash balances, partially offset by higher securities yields and interest recoveries. Comments taken from Q2 earnings presentation slides.