US Bancorp Q3 2020 Earnings Report
Key Takeaways
U.S. Bancorp reported a net income of $1,580 million for Q3 2020, with diluted earnings per common share of $0.99. Net revenue totaled $5,964 million, including $3,252 million of net interest income and $2,712 million of noninterest income. The results reflect the impact of the COVID-19 pandemic, including lower interest rates and changes in consumer and business spending activities.
Net income attributable to U.S. Bancorp was $1,580 million, a 17.2 percent decrease compared to Q3 2019.
Diluted earnings per common share were $0.99, compared to $1.15 in Q3 2019.
Net revenue totaled $5,964 million, with net interest income of $3,252 million and noninterest income of $2,712 million.
Noninterest income increased 3.7% year-over-year, driven by growth in mortgage banking and commercial products revenue.
US Bancorp
US Bancorp
Forward Guidance
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof.