U.S. Bancorp reports Q3 adjusted EPS $1.05, consensus $1.02

Reports Q3 revenue $7.03B, consensus $7.02B. Andy Cecere, Chairman, President and CEO, U.S. Bancorp: “”In the third quarter we delivered earnings per diluted share of $1.05 and a return on tangible common equity of 21.0 percent, both as adjusted for merger and integration-related charges. This quarter our common equity tier 1 ratio increased 60 basis points to 9.7 percent, as we continued to build capital through enhanced earnings generation and capital accretive initiatives. Notably, on October 16th, the Federal Reserve granted us full relief from certain Category II commitments made in connection with the Union Bank acquisition and we are now subject to the same capital rules as all other Category III banks. While the challenging interest rate environment continues to impact net interest income growth for us and the industry, average total deposits increased 3.0 percent, to $512 billion, and third quarter profitability benefited from strength across our diversified fee businesses and disciplined expense management. Third quarter credit quality trends were in line with expectations and we continued to add to our reserve level reflecting prudent assessment of the evolving credit environment. I want to thank all of our employees for their dedication to helping our clients, communities, and shareholders.”