Results include net income of $1.8 billion and diluted earnings per common share of $1.16 or $1.18 as adjusted.
Full financial details
Full financial details available here.
U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the third quarter we earned $1.8 billion in net income with net revenue of $6.3 billion and a return on tangible common equity of 21.0% on a reported basis. 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. Credit quality remains strong and in the third quarter our net charge-off ratio improved on both a sequential and year over year basis. While credit continues to perform well, our consistently strong underwriting and credit risk management practices prepare us well for any change in the business cycle. We continue to focus on maintaining a healthy balance sheet and strong capital and liquidity positions. Given the uncertain economic environment, we are preparing for a range of possible outcomes and will continue to manage the bank in a prudent, disciplined manner. I want to thank our employees for their dedication to helping our clients, communities and shareholders.”
In the spotlight:
U.S. Bank and Elavon Launch talech Register for Small Businesses: Elavon, a wholly-owned subsidiary of U.S. Bank, recently launched talech Register, a next generation, all-in-one payments and business analytics platform that empowers small business owners to better manage their operations. The point-of-sale platform combines unique, pay-as-you-go pricing and ease-of use to support modern small business owners. talech Register brings the simplicity, convenience and efficiency of the talech software platform to the point of sale for small business owners.
U.S. Bank Invests in Green Energy Initiatives: The U.S. Bank Foundation will invest $1 million in green energy initiatives through its annual Market Impact Grant program. The funding will support a variety of organizations and programs in low-to-moderate income communities across the country with an emphasis on supporting people of color and women. Additionally, our Community Development business has invested approximately $2.2 billion in renewable energy projects since the beginning of the year in support of green energy initiatives.
Access Commitment Expands to the Hispanic and Latinx Community: U.S. Bank recently announced an investment in the Smithsonian's National Museum of the American Latino in Washington D.C. The museum is the cornerstone to learn how Latinos have contributed to U.S. art, history, culture and science. The investment is part of U.S. Bank Access Commitment, the bank’s long-term approach to building wealth, redefining how we serve diverse communities and creating more opportunities for employees.
One of the Best Companies for Working Parents: Seramount, formerly Working Mother, ranked U.S. Bank as one of the 100 Best Companies for working parents based on the company’s programs and benefits, including parental leave, fertility benefits, adoption benefits, caregiver benefits, mentoring and opportunities for advancement. This is the third consecutive year U.S. Bank has won this honor, which underscores how U.S. Bank puts people first by continuously looking for ways to better support employees.
Jennifer Thompson, U.S. Bank Investor Relations
Jeff Shelman, U.S. Bank Public Affairs and Communications
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