U.S. Bancorp (USB) Tops Q1 EPS by 2c

U.S. Bancorp (NYSE: USB) reported Q1 EPS of $0.82, $0.02 better than the analyst estimate of $0.80.

Highlights for the first quarter of 2017 included:

• Industry-leading return on average assets of 1.35 percent and return on average common equity of 13.3 percent
• Net interest income (taxable-equivalent basis) grew 3.7 percent year-over-year and declined slightly on a linked quarter basis due to fewer days in the quarter
  • Net interest margin of 3.03 percent for the first quarter of 2017 decreased 3 basis points from the first quarter of 2016, due to loan mix and reinvestment yields, and grew 5 basis points over the fourth quarter of 2016, due to the favorable impact of higher interest rates
• Average total loans grew 4.1 percent over the first quarter of 2016 and 0.2 percent linked quarter
• Noninterest income increased 8.4 percent on a year-over-year basis
  • Payment services revenue increased 4.9 percent led by credit and debit card revenue growth of 9.8 percent
  • Trust and investment management fees increased 8.6 percent
  • Mortgage banking revenue increased 10.7 percent
• Nonperforming assets decreased 13.0 percent on a year-over-year basis and 6.7 percent on a linked quarter basis
• Strong capital position. At March 31, 2017, the estimated common equity tier 1 capital to risk-weighted assets ratio was 9.2 percent using the Basel III fully implemented standardized approach and was 11.5 percent using the Basel III fully implemented advanced approaches method.

For earnings history and earnings-related data on U.S. Bancorp (USB) click here.

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