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Sep 30, 2020
US Bancorp Q3 2020 Earnings Report
Net income attributable to U.S. Bancorp decreased due to lower net interest income and increases in expenses and the provision for credit losses, which was partially offset by an increase in noninterest income.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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