US Bancorp (USB) Posts Improved Q4 EPS, Loan Losses Drop
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Price: $35.35 +0.34%
EPS Growth %: +9.0%
Financial Fact:
Long-term debt: 218M
Today's EPS Names:
CO, JW-A, FDS, More
EPS Growth %: +9.0%
Financial Fact:
Long-term debt: 218M
Today's EPS Names:
CO, JW-A, FDS, More
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US Bancorp (NYSE: USB) posted better-than-expected earnings on Wednesday for the fourth quarter on the strength of lower loan losses and the largest increase in new loans in two years.
The Minneapolis-based bank reported fourth-quarter earnings of $974 million or 49 cents per share per share, up from $602 million or 30 cents per share in the same quarter last year. Analysts had been looking for 46 cents per share.
Revenue for US Bancorp rose 7.9 percent in the period to $4.72 billion, beating the market consensus of $4.53 billion.
The bank said net charge-offs declined 5.8 percent in the period and it released $25 million in loan loss reserves.
“Credit quality continued to improve in the fourth quarter. As expected, net charge-offs and nonperforming assets were lower than the previous quarter," US Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said. "Going forward, we will continue to monitor the improving credit trends and maintain our reserves at the appropriate level, given the Company’s overall risk profile, all the while preserving, at all times, the strength of our balance sheet."
The bank said that it ended the year with a Tier 1 common equity ratio of 7.8 percent and a Tier 1 capital ratio of 10.5 percent.
Shares of US Bancorp are down 51 cents to $26.80 in early market movement on Wednesday.
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The Minneapolis-based bank reported fourth-quarter earnings of $974 million or 49 cents per share per share, up from $602 million or 30 cents per share in the same quarter last year. Analysts had been looking for 46 cents per share.
Revenue for US Bancorp rose 7.9 percent in the period to $4.72 billion, beating the market consensus of $4.53 billion.
The bank said net charge-offs declined 5.8 percent in the period and it released $25 million in loan loss reserves.
“Credit quality continued to improve in the fourth quarter. As expected, net charge-offs and nonperforming assets were lower than the previous quarter," US Bancorp Chairman, President and Chief Executive Officer Richard K. Davis said. "Going forward, we will continue to monitor the improving credit trends and maintain our reserves at the appropriate level, given the Company’s overall risk profile, all the while preserving, at all times, the strength of our balance sheet."
The bank said that it ended the year with a Tier 1 common equity ratio of 7.8 percent and a Tier 1 capital ratio of 10.5 percent.
Shares of US Bancorp are down 51 cents to $26.80 in early market movement on Wednesday.
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