U.S. Bancorp Reports Record Q3 Revenue, Earnings & EPS
OCT 18, 2018 - 7:15 am
U.S. Bancorp reported record Q3/18 net revenue ($5,699 million), earnings ($1,815 million) and EPS ($1.06 million).
The Q3 highlights included:
YTD average commercial loans of $92,776 million were up 3.3% from $89,817 for the same period in 2017.
YTD Lease Financing average loans of $5,519 million were slightly down from $5,530 million a year earlier.
YTD provision for credit losses $1,011 million was down 4.2% from $1,055 million YTD 2017.
Vice Chairmen Leslie Godridge, Corporate & Commercial Banking, Gunjan Kedia, Wealth Management and Investment Services, and Kate Quinn, chief administrative officer at U.S. Bank, were honored by American Banker magazine among the “Most Powerful Women in Banking and Finance” for 2018.
U.S. Bank has created a new, fully digital option for small businesses to apply for and receive a loan or line of credit. The entire process, from application to funding, can be completed same day, often within an hour or less, dramatically improving the experience for busy entrepreneurs.
U.S. Bank has built a strong presence in the greater New York metropolitan area over the past 10 years, and has recently announced the expansion of its Commercial Banking team into this market, focusing on serving middle market clients in New York, New Jersey and Connecticut.
U.S. Bank recently launched a new small-dollar loan product called Simple Loan, designed to help customers deal with unexpected or short-term cash needs with a transparent, easy-to-understand installment loan. U.S. Bank worked closely with its regulators when developing this product and is the first national bank to offer this type of short-term loan solution
Chairman, President and CEO Andy Cecere commented, “Strong underlying momentum in each of our business lines drove record revenue, net income and EPS this quarter. We remain vigilant in our expense discipline while continuing to prudently invest in our core businesses as well as in our digital and payments capabilities. In the third quarter, we expanded our commercial banking presence, launched a new digital platform to serve our small business customers and acquired new capabilities in our payments business. At the same time, our focus on optimization allowed us to deliver positive operating leverage and a best-in-class efficiency ratio, while growing our industry leading return on tangible common equity ratio to 19.9%. I am thankful for our U.S. Bank team members who work every day to put the customer in the center with the goal of delivering outstanding results for each of our stakeholders.”
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