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|Dana Ripley||Jennifer Thompson|
|(612) 303-3167||(612) 303-0778|
U.S. BANCORP REPORTS SECOND QUARTER 2017 EARNINGS
Record Earnings Per Diluted Common Share of $0.85
Return on average assets of 1.35 percent and average common equity of 13.4 percent
Returned 81 percent of earnings to shareholders
MINNEAPOLIS, July 19, 2017 U.S. Bancorp (NYSE: USB) today reported net income of $1,500 million for the second quarter of 2017, or $0.85 per diluted common share, compared with $1,522 million, or $0.83 per diluted common share, in the second quarter of 2016.
Highlights for the second quarter of 2017 included:
|||Industry-leading return on average assets of 1.35 percent and return on average common equity of 13.4 percent and efficiency ratio of 55.2 percent|
|||Record revenue of $5,487 million and diluted earnings per common share of $0.85|
|||Net interest income (taxable-equivalent basis) grew 5.9 percent year-over-year and 2.4 percent on a linked quarter basis|
|||Net interest margin of 3.04 percent for the second quarter of 2017 was 2 basis points higher than the second quarter of 2016 and 1 basis point higher than the first quarter of 2017, benefiting from rising interest rates partially offset by increasing average cash balances|
|||Average total loans grew 3.4 percent over the second quarter of 2016 and 0.9 percent on a linked quarter basis|
|||Credit and debit card revenue grew 7.8 percent on a year-over-year basis|
|||Trust and investment management fees increased 6.1 percent on a year-over-year basis|
|||Nonperforming assets decreased 19.3 percent on a year-over-year basis and 9.8 percent on a linked quarter basis|
|||Strong capital position. At June 30, 2017, the estimated common equity tier 1 capital to risk-weighted assets ratio was 9.3 percent using the Basel III fully implemented standardized approach and was 11.7 percent using the Basel III fully implemented advanced approaches method.|
The following information was filed by Us Bancorp De (USB) on Wednesday, July 19, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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