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U.S. Bank posts 3 records in latest quarter

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Minneapolis-based U.S. Bancorp (NYSE: USB) reported record net income, net revenue and diluted share earnings in the third quarter.

The holding company, which operates eight U.S. Bank branches in Springfield, increased its earnings by 4 percent to $1.56 billion, or 88 cents per diluted share. Net revenue also rose by 4 percent to $5.6 billion, according to a news release.

“We remain deeply committed to value creation for our shareholders, and in the third quarter, our dividend increased by 7.1 percent,” U.S. Bank President and CEO Andy Cecere said in the release. “Overall, we returned 79 percent of our earnings to shareholders through dividends and share buybacks.”

Third-quarter financial notes:
    •    Net interest income grew by 8.4 percent to $3.1 billion from a year earlier.
    •    Noninterest expense moved up 3.7 percent to $3 billion.
    •    Employee compensation increased 8.4 percent to $1.4 billion and benefits were roughly flat at $281 million.

U.S. Bank had assets of $459.2 billion and deposits of $342.6 billion as of Sept. 30. The company operates 3,072 branches in 25 states, according to the release.

USB shares were trading at $54.10 as of 11:09 a.m., compared with a 52-week range of $43.50 to $56.61.


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