YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Net income for the quarter was $1.2 billion, compared to $1.15 billion in third-quarter 2005. Per-share earnings were 66 cents, up 6.5 percent from the same quarter last year.
Fee income accounted for more than half of net revenue for the quarter. That helped offset net interest income, which was down for the fourth consecutive quarter to $1.67 billion, compared to $1.79 billion in third-quarter 2005.
U.S. Bancorp Chairman and CEO Jerry A. Grundhofer attributed the decrease in net interest income to competitive pricing and growth in lower-spread, fixed-rate assets; he expects it to stabilize in the fourth quarter if the Fed leaves interest rates unchanged.
In August, the company’s board authorized a 150 million-share repurchase plan, allowing U.S. Bancorp to buy back about 30 million shares in the third quarter.
“The result of the buyback, along with our regular quarterly dividend, represented a return of earnings to shareholders of 128 percent,” Grundhofer said in a news release.
Shares of the Minneapolis-based company (NYSE: USB) closed Monday at $33.59 and were trading down at $33.22 as of 10 this morning.[[In-content Ad]]
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