Full financial details are available here.
U.S. Bancorp Chairman, President and CEO Andy Cecere said, “Despite a challenging interest rate environment, we posted record revenue, net income and earnings per share in the third quarter, delivered industry leading returns on assets and equity, and grew our book value by over 10% from a year earlier. During the quarter we returned 80% of our earnings to shareholders through dividends and share buybacks. Third quarter loan and deposit growth were solid and momentum in our core fee businesses was supported by strong sales and volume growth. Mortgage revenue was particularly robust this quarter, reflecting both market conditions and the benefits of the investments we have made in our retail platform over the past several years. As we head into the final quarter of 2019, we feel good about our opportunity to gain market share across our franchise and our ability to prudently manage our operating expenses even as we invest in our digital capabilities and key business initiatives. I’d like to thank our employees for their hard work and dedication to delivering value to each of our constituents.”
“Outstanding” Community Reinvestment Act rating: U.S. Bank recently announced it received the highest rating, “Outstanding,” for its recent Community Reinvestment Act (“CRA”) examination from the Office of the Comptroller of the Currency. The examination period was from January 1, 2012 through December 31, 2015. The Company also received an “Outstanding” rating on each of the three individual CRA tests for Lending, Investment, and Service.
Most Powerful Women in Banking and Finance: American Banker magazine recently named U.S. Bank Vice Chairs, Kate Quinn, Chief Administrative Officer, and Leslie Godridge, Co-Head of Corporate and Commercial Banking, to its 2019 “Most Powerful Women in Banking” list, and named Gunjan Kedia, U.S. Bank Vice Chair of Wealth Management and Investment Services, to its 2019 “Most Powerful Women in Finance” list. U.S. Bancorp also earned a Top Team Award.
Co-branded credit card agreement with BMW: U.S. Bank recently entered into a co-brand agreement with BMW Financial Services NA, LLC to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI and BMW Motorrad enthusiasts. The new program provides an enhanced experience with richer rewards where customers can earn and redeem points toward BMW products and services.
Transforming for the future: U.S. Bank recently acquired talech, a software company that helps small and medium-sized businesses simplify operations, make better decisions and manage multiple operational tasks, including how businesses interact with their money, through a single, integrated point-of-sale system.
Jennifer Thompson, U.S. Bank Investor Relations
Rebekah Fawcett, U.S. Bank Public Affairs & Communications