U.S. Bancorp CEO: We again saw growth in consumer deposits during Q1

Andy Cecere, Chairman, President and CEO, U.S. Bancorp said, “In the first quarter we delivered a return on tangible common equity of 17.4%, net income of $1.5 billion, both as adjusted, and net revenue of $6.7 billion. Our common equity tier 1 ratio ended the quarter at 10.0%. Diluted earnings per share of $0.90, as adjusted, excluded $(0.12) of notable items that included the last of our merger and integration-related charges related to the acquisition of MUFG Union Bank and an anticipated increase in the FDIC special assessment. Our results benefited from good growth across our fee businesses driven by strong underlying client growth and activity, as well as prudent expense management. Despite a challenging interest rate environment and pressure on industry deposit levels, we again saw growth in consumer deposits during the quarter. We continue to strategically invest in our digital and payments capabilities, our historical risk discipline remains intact, and our capital and liquidity profile is strong. I would like to thank our dedicated U.S. Bank employees for all that they do to support our customers, communities and shareholders – it is because of them that we remain well-positioned to execute on our capital-efficient growth objectives and industry-leading returns.”