US Bancorp Q3 2022 Earnings Report
Key Takeaways
U.S. Bancorp reported a net income of $1.8 billion and record net revenue of $6.3 billion for Q3 2022. The results were driven by strong growth in net interest income, supported by loan and deposit growth and the benefit of higher interest rates. Credit quality remains strong, and the net charge-off ratio improved on both a sequential and year-over-year basis.
Net income of $1.8 billion and diluted earnings per common share of $1.16 as reported, $1.18 excluding merger and integration-related charges.
Net revenue of $6,326 million including $3,857 million of net interest income and $2,469 million of noninterest income.
Return on average assets of 1.22% and return on average common equity of 15.8%. Excluding merger and integration-related charges, net income of $1,845 million, return on average assets of 1.24% and return on average common equity of 16.2%.
Net charge-off ratio of 0.19% in 3Q22 compared with 0.20% in 2Q22 and in 3Q21.
US Bancorp
US Bancorp
US Bancorp Revenue by Segment
Forward Guidance
U.S. Bancorp expects to receive U.S. regulatory approvals in time for closing to occur in the fourth quarter of 2022. However, U.S. Bancorp no longer expects system integration will be able to occur in 2022 and currently expects it will occur in the first half of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income