U.S. Bancorp reports Q3 EPS $1.22, consensus $1.12

Reports Q3 revenue $7.33B, consensus $7.18B. Gunjan Kedia, CEO, U.S. Bancorp (USB): “In the third quarter, we reported a return on tangible common equity of 18.6% and diluted earnings per common share of $1.22, an increase of 18.4% year-overyear. Our commitment to growth, execution, and greater interconnectedness across the franchise supported delivery of record net revenue of $7.3 billion this quarter. Solid net interest income growth and margin expansion, as well as continued momentum across our fee businesses and prudent expense management supported double-digit net income growth, on both a linked quarter and year-over-year basis. For the quarter, we generated meaningful positive operating leverage, on a year-over-year basis, and made steady progress toward our medium-term financial targets. Asset quality and capital levels remain strong. Our net charge-off ratio improved on both a linked quarter and year-over-year basis, and our CET1 capital ratio improved to 10.9%. On behalf of all of us at U.S. Bank, I want to extend our deep gratitude to our clients and shareholders for your trust and partnership. This quarter’s strong results reflect the power of our strategy and the dedication of our teams across the franchise. As we look ahead, we remain confident in our ability to deliver sustainable growth, maintain disciplined risk management, and continue creating long-term value for all of our stakeholders.”