Categories Earnings, Finance

US Bancorp scores Q3 beat on consistent loan, deposit growth

US Bancorp (NYSE: USB) on Wednesday reported third-quarter results that exceeded analysts’ expectations, driven by robust mortgage revenue, as well as strong loan and deposit growth. Total net revenue increased 4% to $5.92 billion, which was ahead of the Wall Street target of $5.82 billion.

Average total loans grew 4% year-over-year, while average total deposits were up 6% during the quarter.

us bancorp Q3 2019 earnings

Net income grew to $1.91 billion, or $1.15 per share, from $1.82 billion, or $1.06 per share reported a year ago. Analysts were looking at earnings of $1.11 per share.

NII edged up just 1%, even as noninterest income witnessed 8% growth.

READ: Wells Fargo beats on revenues, misses on earnings in Q3

USB shares rose 1.5% during pre-market trading hours on Wednesday. The stock has gained 15% since January this year.

CEO Andy Cecere said, “Mortgage revenue was particularly robust this quarter, reflecting both market conditions and the benefits of the investments we have made in our retail platform over the past several years.”   

Revenue from Credit and debit card rose 6.4% to $366 million in Q3. 

Listen to on-demand earnings calls and hear how management responds to analysts’ questions

Most Popular

Does Unity Software (U) stock has more room to run?

Last month, the IPO market was in a full swing. IPOs of Snowflake (NYSE: SNOW) and JFROG (NASDAQ: FROG) had an impressive opening day in September, the former creating a

PepsiCo (PEP): Steady snacking habits amid pandemic drive strong quarter for beverage giant

PepsiCo Inc. (NASDAQ: PEP) beat market expectations on both revenue and earnings for the third quarter of 2020. The company saw the momentum continue in its snacks business while the

Does the virus-driven boom make Electronic Arts (EA) a good investment?

With more and more people turning to virtual entertainment sources, amid the virus-related movement restrictions, video game publishers like Electronic Arts (NASDAQ: EA) are witnessing unusually high demand. Not surprisingly,

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top