U.S. Bancorp reports first quarter 2019 results

April 17, 2019 | GET MORE : News Release

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1Q19 highlights
  • Net income of $1,699 million and diluted earnings per common share of $1.00
  • Industry leading return on average assets of 1.49% and return on average common equity of 14.3%
  • Return on tangible common equity of 18.4%
  • Returned 77% of 1Q earnings to shareholders through dividends and share buybacks
  • Net interest income grew 2.9% year-over-year (2.8% on a taxable-equivalent basis) with positive operating leverage of 1.0% on a year-over-year basis
  • Average total loans grew 0.9% on a linked quarter basis and 2.4% (3.7% excluding the impact of loan sales) year-over-year
  • Nonperforming assets decreased 16.5% on a year-over-year basis
Full financial details

Full financial details are available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “As our financial results indicate, we had a good start to the year with momentum continuing across our lending and fee businesses. In the first quarter, our industry-leading returns on assets and equity were supported by solid loan growth, disciplined expense management and stable credit quality. Our balance sheet is strong and growing as evidenced by an 8.6% increase in our book value per share compared with a year ago. During the quarter, we returned 77 percent of our earnings to shareholders through dividends and share buybacks. We are pleased with our results this quarter and remain focused on the long-term success of this company – and the disciplined investment in people and technology that will drive that success. We are launching a number of digital initiatives combining the best of technology and innovation to help make our customers’ financial lives simpler and more productive. I would like to thank our employees for all they do to create value for our customers, communities and shareholders.”

In the spotlight

One of the 2019 World’s Most Ethical Companies: U.S. Bank has been named one of the 2019 World’s Most Ethical Companies by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. This is the fifth consecutive year U.S. Bank has received this recognition.

Top marks received in 2019 Corporate Equality Index: For the 12th time in a row, U.S. Bank received a perfect score of 100 on the Corporate Equality Index, the nation’s premier benchmarking survey and report on corporate policies and practices related to LGBTQ workplace equality, administered by the Human Rights Campaign Foundation. Through its index, the Foundation evaluates policies and practices of businesses including non-discrimination workplace protections, domestic partner and inclusive health care benefits, competency programs, and public engagement with the LGBTQ community.

Asset Backed Securitization Lending business: We recently launched a new Asset Backed Securitization Lending business, underscoring our commitment to our Fixed Income & Capital Markets platform to provide current and prospective customers with additional ways to access capital.

New U.S. Bank Mobile App: We recently unveiled our entirely redesigned U.S. Bank Mobile App, fueled by extensive research on how people use their mobile apps and an analysis of consumer needs. Using a customer-based mindset, the app includes all the tools identified by consumers that help them quickly, confidently and securely manage their finances at their fingertips.

Contact

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

Rebekah Fawcett, U.S. Bank Public Affairs & Communications
612.303.9986; rebekah.fawcett@usbank.com