U.S. Bancorp (USB) Tops Q1 Views on Strong Deposits, Loan Activity; Basel III Tier 1 Ratio Looks Good
Ka-ching! U.S. Bancorp (NYSE: USB) shares are bleeding coins Tuesday morning following strong first-quarter results
Net income rose 28.1 percent from $1.003 billion reported in the same period last year to $1.285 billion, or 67 cents per share. Total net revenue rose 9.1 percent to $4.929 billion.
The Street was expecting EPS of 64 cents and sales of $4.78 billion.
The firm's Tier 1 capital ratio moved from 10.8 percent last year to 10.9 percent. Basel III Tier 1 common equity ratio is at 8.4 percent, which US Bancorp said is "above the level we believe we need to be to comply with the Basel III requirements."
Average loan growth was 6.4 percent, or 8.7 percent without counting covered loans. Average deposits rose 11.7 percent in the period.
Shares are 0.7 percent stronger Tuesday morning.
Net income rose 28.1 percent from $1.003 billion reported in the same period last year to $1.285 billion, or 67 cents per share. Total net revenue rose 9.1 percent to $4.929 billion.
The Street was expecting EPS of 64 cents and sales of $4.78 billion.
The firm's Tier 1 capital ratio moved from 10.8 percent last year to 10.9 percent. Basel III Tier 1 common equity ratio is at 8.4 percent, which US Bancorp said is "above the level we believe we need to be to comply with the Basel III requirements."
Average loan growth was 6.4 percent, or 8.7 percent without counting covered loans. Average deposits rose 11.7 percent in the period.
Shares are 0.7 percent stronger Tuesday morning.