US Bancorp Q3 Earnings Down; Adj. EPS, Revenues Beat Estimates

(RTTNews) - Bank holding company US Bancorp (USB) reported Friday that its third-quarter net income attributable to shareholders declined 11.2 percent to $1.72 billion from last year's $1.93 billion.

Earnings per share were $1.16, down 10.8 percent from $1.30 a year ago.

Adjusted earnings per share were $1.18, which excluded merger and integration-related charges.

Analysts on average had expected the company to earn $1.17 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Total net revenue grew 7.4 percent to $6.33 billion from last year's $5.89 billion. Analysts expected revenues of $6.24 billion.

On a taxable-equivalent basis, net interest income increased 20.6 percent to $3.86 billion from last year's $3.20 billion. Net interest margin improved to 2.83 percent from 2.53 percent last year.

Noninterest income fell 8.3 percent year-over-year to $2.47 billion.

Andy Cecere, Chairman, President and CEO, said, "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."

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