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Thursday, 19 October 2023

US Bancorp (USB) reports Q3 earnings. Here’s what you need to know

by Rose White

Financial services company U.S. Bancorp (NYSE: USB) on Wednesday announced operating results for the third quarter of 2023, reporting a decline in net income despite an increase in revenues.

US Bancorp (USB) reports Q3 earnings. Here’s what you need to know

US Bancorp (USB) reports Q3 earnings. Here’s what you need to know

Total net revenue increased 11% from last year to $7.03 billion in the September quarter. At $29.74, book value per share was up 9%.

Net income attributable to shareholders was $1.41 billion or $0.91 per share in Q3, compared to $1.72 billion or $1.16 per share in the same period of 2022. Both average loans and average deposits increased by 12% during the three-month period.

“Third quarter credit quality trends were in line with expectations and we continued to add to our reserve level reflecting prudent assessment of the evolving credit environment. I want to thank all of our employees for their dedication to helping our clients, communities, and shareholders,” said the bank’s CEO Andy Cecere.

Prior Performance

  • US Bancorp Q4 2022 earnings infographic

The post US Bancorp (USB) reports Q3 earnings. Here’s what you need to know first appeared on AlphaStreet.

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