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Mar 31, 2022
US Bancorp Q1 2022 Earnings Report
Net income decreased due to higher provision for credit losses, while net interest income increased due to loan growth.
Key Takeaways
U.S. Bancorp reported a net income of $1.6 billion and diluted earnings per common share of $0.99 for Q1 2022. The results were driven by healthy trends in consumer and business activity, with strong loan growth and solid growth in net interest income. Fee revenue growth was supported by improving business activity and new business wins.
Net income was $1.6 billion and diluted earnings per common share was $0.99.
Return on average assets was 1.09% and return on average common equity was 12.7%.
Net revenue was $5.6 billion, including $3.2 billion of net interest income and $2.4 billion of noninterest income.
Average total loans and earning assets grew by 6.5% year-over-year, with average total loans growing by 3.4% on a linked quarter basis.
Revenue by Segment
Forward Guidance
U.S. Bancorp is working on integration activities related to its planned acquisition of Union Bank and remains confident the strategic and financial merits of this deal will meaningfully enhance shareholder value.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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