News

Results include net income  of $1,557 million and diluted earnings per common share of $0.99.

Highlights

• Net income of $1,557 million and diluted earnings per common share of $0.99
• Return on average assets of 1.09% and return on average common equity of 12.7%
• Net revenue of $5,596 million including $3,200 million of net interest income and $2,396 million of noninterest income
• Average total loans and earning assets growth of 6.5% year-over-year. Average total loans grew 3.4% on a linked quarter basis
• Average total deposits growth of 6.5% year-over-year and 1.0% linked quarter
• Net charge-off ratio of 0.21% in 1Q22 compared with 0.17% in 4Q21 and 0.31% in 1Q21
• Nonperforming assets decreased 7.6% on a linked quarter basis and 32.5% year-over-year
• CET1 capital ratio of 9.8% at March 31, 2022, compared with 10.0% at December 31, 2021, driven by strong loan growth

Full financial details

Full financial details available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the first quarter, we reported earnings per share of $0.99 and a return on tangible common equity of 16.6%. Our results benefitted from healthy trends in consumer and business activity. We saw very strong loan growth, which drove solid growth in net interest income. Our fee revenue growth was supported by improving business activity and new business wins. Notably, we continued to see good momentum in our payments businesses reflecting both continued cyclical recovery in pandemic impacted industries, particularly travel and entertainment sectors, as well as the benefit from previous investments. We continue to manage our operating expenses prudently, even as we invest for the future, and we continue to benefit from the progress we are making on initiatives aimed at advancing our digital offerings, expanding our payment services capabilities and enhancing our core technology. We continue to work on integration activities related to our planned acquisition of Union Bank and we remain confident the strategic and financial merits of this deal will meaningfully enhance shareholder value and the combination will benefit our customers, our communities and our employees for years to come. Our credit quality remains strong, and we continue to approach credit decisions with a through the cycle lens. In summary, the year is off to a good start, and I would like to thank our employees for their hard work and dedication to serving all our constituents.”

In the spotlight

Most Ethical: For the eighth consecutive year, U.S. Bank has been named one of the World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Ethisphere recognized 136 honorees spanning 22 countries and 45 industries. U.S. Bank is one of five honorees in the banking category. The award recognizes companies’ dedication to integrity, sustainability, governance and community.

U.S. Bank Partners with Microsoft as its Primary Cloud Provider: U.S. Bank announced plans for modernizing its technology foundation through the selection of Microsoft Azure as its primary cloud provider for the future. Powering the majority of its infrastructure and application portfolio with cloud computing will enable U.S. Bank to work more effectively in an increasingly digital world – including the ability to rapidly access and analyze data, expediting time to market while more quickly scaling innovative products to customers and partners, and empowering its increasingly agile workforce.

U.S. Bank and Driveway: U.S. Bank showcases its real-time payments capabilities collaborating with Driveway to pay car sellers immediately, with Driveway becoming the first online car dealership to pay customers over the RTP (real-time payments) network. Customers selling a car on Driveway.com can now have the payment deposited instantly into their bank account after a sale is complete and before the vehicle even leaves their driveway.

U.S. Bank to Provide ESG Data Solutions: U.S. Bank recently announced it will leverage Sustainalytics, a Morningstar Company and a leading global provider of ESG research and ratings, to offer environmental, social and governance (ESG) data solutions to U.S. Bank Global Fund Services clients where independent ESG analytics and reporting services are required.

Contact

Jennifer Thompson, U.S. Bank Investor Relations
612.303.0778; jen.thompson@usbank.com

Jeff Shelman, U.S. Bank Public Affairs and Communications
612.303.9933; jeffrey.shelman@usbank.com