U.S. Bancorp reported net income of $1,476 million for Q4/15 compared with $1,488 million in Q4/14. Q4/15 reflected a gain on the sale of a deposit portfolio, partially offset by accruals related to legal and compliance matters. Full year 2015 earnings of $5,879 million were recorded, compared to $5,851 million a year earlier on net revenue of $20.3 billion, compared to $20.2 billion in 2014.
Highlights for the full year of 2015 included:
“U.S. Bancorp delivered a remarkable performance in 2015, a year underscored by persistent and historically low interest rates, modest economic growth and increasing regulatory requirements,” said Richard K. Davis, U.S. Bancorp chairman, president and CEO. “More than any year in recent history, 2015 required strong management focus as we balanced decisions on operating efficiencies with opportunities for investing in future growth and addressing our customers’ needs. U.S. Bancorp rose to that challenge, delivering record net income and diluted EPS for the year and continuing with industry-leading performance metrics. We are well positioned as we move into 2016 – as indicated by our record fourth quarter revenue, strong momentum toward positive operating leverage during the quarter and the continued stability in our net interest margin.”
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