US Bancorp Q4 2019 Earnings Report

U.S. Bancorp's Q4 2019 earnings decreased due to lower total net revenue and increased noninterest expense.

Key Takeaways

U.S. Bancorp reported a net income of $1,486 million and diluted earnings per common share of $0.90 for Q4 2019. The results were impacted by notable items, including restructuring charges and increased derivative liability related to Visa shares. The decrease in net income year-over-year was attributed to lower total net revenue and an increase in noninterest expense.

Net income attributable to U.S. Bancorp was $1,486 million, a decrease of 19.9% compared to Q4 2018.

Diluted earnings per common share were $0.90, compared to $1.10 in Q4 2018.

The fourth quarter of 2019 included $(0.18) per diluted common share of notable items.

Net interest income decreased 2.9 percent (3.0 percent on a taxable-equivalent basis).