U.S. Bancorp reported Q1/17 net income of $1,473 million, up 6.3% from $1,386 million in Q1/16. Total net revenue of $5,324 million was up 5.7% from $5,037 million for the same quarter one year ago.
The following highlights were excerpted from the news release:
U.S. Bancorp president and CEO Andy Cecere said, “U.S. Bancorp once again delivered industry-leading returns and profitability in the first quarter of 2017 as we leveraged our diverse business platform and our investments in innovation to deliver the entire bank to our customers in the ways they want to interact with us. We strive to continually improve upon our best-in-class performance, and we are well positioned to do so against the backdrop of an evolving economic and regulatory environment.
“In the first quarter, we maintained our industry-leading performance – a U.S. Bancorp hallmark. Our return on average common equity was 13.3% and, compared to a year ago, diluted earnings per share grew by 7.9%, supported by strong revenue growth and stable credit quality. We also returned 78% of earnings to shareholders.
“In everything we do at U.S. Bancorp, we work to become the most trusted choice for our customers, shareholders and communities. In the first quarter, we were fortunate to be recognized for our commitment to ethics and integrity by the Ethisphere Institute, which named U.S. Bank to its World’s Most Ethical Companies list for the third year in a row. We are proud of this recognition and how it affirms our culture of trust. It is a culture that was fortified by our Executive Chairman Richard Davis and a culture that I will preserve and cultivate in my new role.
“I am excited for the future and working with our employees who have a unique capability to help U.S. Bancorp deliver consistent growth while exploring innovations that create dynamic opportunities with our customers, and accomplishing it all with a commitment to being our customers’ most trusted partner. We are well positioned to create long-
Term value for our shareholders, customers, communities and employees.”
There are few people in the world of equipment leasing and finance who know the ins and outs of the industry like Ralph Petta, president and CEO of the Equipment Leasing and Finance Association, and Anthony (Tony) Cracchiolo, current chair... read more
The financial services industry relies heavily on best practices. These are implemented through normal day-to-day business operations, covering almost all areas within the lending and leasing lifecycle. However, when it comes to the software vendor evaluation and selection process, there... read more