Summary
U.S. Bancorp (USB) reported solid performance for the third quarter and the first nine months of 2019, demonstrating year-over-year growth in key financial metrics. Net income attributable to U.S. Bancorp increased by 5.1% for the quarter and 3.6% for the year-to-date period. Total net revenue saw a 3.9% increase in the third quarter, driven by growth in both net interest income and noninterest income. Noninterest income, in particular, was boosted by strong performance in mortgage banking, payment services, and commercial products. The company's balance sheet remains robust, with total assets growing 5.4% year-over-year, supported by an increase in loans and investment securities. Deposits also showed healthy growth, increasing 6.0% in the quarter. Capital ratios remained strong and well above regulatory requirements, with common equity tier 1 capital at 9.6% under the standardized approach. The company also continued its commitment to shareholder returns through dividend increases and a common stock repurchase program.
Financial Highlights
35 data points| Revenue | $5.92B |
| Interest Expense | $1.16B |
| Net Income | $1.91B |
| EPS (Basic) | $1.16 |
| EPS (Diluted) | $1.15 |
| Shares Outstanding (Basic) | 1.57B |
| Shares Outstanding (Diluted) | 1.58B |
Key Highlights
- 1Net income attributable to U.S. Bancorp grew 5.1% year-over-year to $1.9 billion in Q3 2019.
- 2Total net revenue increased by 3.9% to $5.9 billion in Q3 2019, driven by a 7.5% rise in noninterest income.
- 3Loan portfolio grew by 4.0% to $292.4 billion in Q3 2019 compared to the prior year.
- 4Deposits increased by 6.0% to $350.0 billion in Q3 2019 compared to the prior year.
- 5Provision for credit losses increased by 7.0% to $367 million in Q3 2019, reflecting loan growth.
- 6Common equity tier 1 capital ratio stood at a healthy 9.6% under the Basel III standardized approach.
- 7The company increased its quarterly dividend per common share by 13.5%.