U.S. Bancorp (USB) Tops Q3 EPS by 5c

U.S. Bancorp (NYSE: USB) reported Q3 EPS of $1.18, $0.05 better than the analyst estimate of $1.13. Revenue for the quarter came in at $6.3 billion versus the consensus estimate of $6.25 billion.

Andy Cecere, Chairman, President and CEO, U.S. Bancorp: “In the third quarter we earned $1.8 billion in net income with net revenue of $6.3 billion and a return on tangible common equity of 21.0% on a reported basis. Results were driven by strong growth in net interest income supported by loan and deposit growth and the benefit of higher interest rates. Our fee businesses continued to benefit from good underlying consumer and business conditions as well as new business and deepening of relationships. Credit quality remains strong and in the third quarter our net charge-off ratio improved on both a sequential and year over year basis. While credit continues to perform well, our consistently strong underwriting and credit risk management practices prepare us well for any change in the business cycle. We continue to focus on maintaining a healthy balance sheet and strong capital and liquidity positions. Given the uncertain economic environment, we are preparing for a range of possible outcomes and will continue to manage the bank in a prudent, disciplined manner. I want to thank our employees for their dedication to helping our clients, communities and shareholders.”

For earnings history and earnings-related data on U.S. Bancorp (USB) click here.

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