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US Bancorp Announces Increase In Q2 Earnings

Truist Financial Corporation Q2 adjusted earnings of $1.55 per share

Truist Financial Corporation (TFC) revealed a profit for its second quarter that advanced from last year.

The company’s earnings totaled $1.56 billion, or $1.16 per share. This compares with $0.90 billion, or $0.67 per share, in last year’s second quarter.

Excluding items, Truist Financial Corporation reported adjusted earnings of $2.1 billion or $1.55 per share for the period.

The company’s revenue for the quarter fell 3.7% to $5.65 billion from $5.87 billion last year.

Truist Financial Corporation earnings at a glance:

-Revenue (Q2): $5.65 Bln vs. $5.87 Bln last year.

China says US measures on Xinjiang threaten global trade

BEIJING — China’s government rejected U.S. accusations of forced labor in Xinjiang, accusing Washington of hurting global trade after U.S. lawmakers endorsed import curbs and American companies were warned of legal risks for doing business with the region.

The measure approved Wednesday by the U.S. Senate would block imports of goods made with forced labor in Xinjiang, where the ruling Communist Party is accused of widespread detentions of members of mostly Muslim ethnic groups. On Tuesday, the Commerce Department and other agencies warned companies with ties to the northwest region they “run a high risk” of violating U.S. laws against forced labor.

“The so-called human rights and forced labor issues in Xinjiang are completely inconsistent with the facts,” a Ministry of Commerce spokesman, Gao Feng, said Thursday.

“The U.S. approach has seriously undermined the security and stability of the global industrial chain and supply chain,” he said, without referring directly to either U.S. measure. “China firmly opposes it.”

Wipro Q1 Profit Climbs; Sees Sequentially Higher IT Services Revenue In Q2

Indian IT company Wipro Ltd. (WIT) reported Thursday that its first-quarter net income climbed 35.2 percent to 32.3 billion Indian rupees or $434.8 million from last year’s 23.90 billion rupees.

Earnings per share for the quarter were 5.90 rupees or $0.08, higher than 4.19 rupees last year.

Gross revenue was 182.52 billion rupees or $2.5 billion, an increase of 22.4 percent from the prior year’s 149.13 billion rupees. Sequential revenue growth of 12.2 percent was well ahead of the top-end of guidance range, both organically and with Capco.

IT Services Segment Revenue grew 25.7 percent to $2.42 billion.

Looking ahead for the second quarter, the company expects revenue from IT Services business to be in the range of $2.535 billion to $2.583 billion. This translates to a sequential growth of 5 percent to 7 percent.

Wipro signed an agreement to acquire Ampion on April 1, and was expecting to close the deal in the first quarter. However certain regulatory approvals are still pending and the transaction is now expected to be closed in thw second quarter.

In India, Wipro shares closed Thursday’s trading at 578.35 rupees, up 2.96 percent.

In pre-market activity on the NYSE, Wipro shares were gaining 2.4 percent to trade at $8.15.

Oil Extends Losses On Oversupply Fears

Oil prices were moving lower on Thursday to extend losses from the previous session amid expectations that a compromise deal between leading OPEC producers will inject a sharp increase of oil supply into an extremely tight market.

A build in U.S. fuel inventories also raised concerns over demand in the world’s largest consumer.

Brent crude futures for September delivery dropped 50 cents, or 0.7 percent, to $74.26 a barrel in European trade, while U.S. West Texas Intermediate (WTI) crude futures for August settlement were down 68 cents, or 0.9 percent, at $72.45 per barrel.

Both benchmarks fell over 2 percent in the previous session after data showed a drop in China’s first-half crude imports and reports suggested that major crude producers Saudi Arabia and the United Arab Emirates have arrived at a compromise with regard to production levels.

Investors braced for increased supplies after Reuters reported that Saudi Arabia and the United Arab Emirates (UAE) had reached a compromise on production levels.

In the United States, the Energy Information Administration (EIA) data showed gasoline stockpiles increased by 1 million barrels last week, while distillate stockpiles rose by 3.7 million barrels.

Crude stockpiles fell for an eighth straight week last week, giving some comfort to bullish investors.

BNY Mellon Q2 Profit Up 10%, Results Top Estimates – Quick Facts

Bank of New York Mellon Corp. (BK) reported Thursday that net income applicable to common shareholders for the second quarter grew to $991 million or $1.13 per share from $901 million or $1.01 per share in the prior-year quarter.

Total revenue for the quarter decreased 1 percent to $3.96 billion from $4.01 billion in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share on revenue of $3.88 billion for the quarter. Analysts’ estimates typically exclude certain special items.

Separately, the bank also announced that its Board of Directors authorized a quarterly common stock dividend of $0.34 per share, payable on August 9, 2021 to shareholders of record as of the close of business on July 27, 2021.

US Bancorp Announces Increase In Q2 Earnings

US Bancorp (USB) reported a profit for its second quarter that climbed from last year.

The company’s bottom line totaled $1.91 billion, or $1.28 per share. This compares with $0.61 billion, or $0.41 per share, in last year’s second quarter.

Analysts had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 1.0% to $5.78 billion from $5.84 billion last year.

US Bancorp earnings at a glance:

-Earnings (Q2): $1.91 Bln. vs. $0.61 Bln. last year.
-EPS (Q2): $1.28 vs. $0.41 last year.
-Analysts Estimate: $1.14
-Revenue (Q2): $5.78 Bln vs. $5.84 Bln last year.