U.S. Bancorp has posted an attributable net income of $1.49bn for the third quarter of 2015, or $0.81 per diluted common share, an increase of 1.2% compared with $1.47bn, or $0.78 per diluted common share, a year earlier.
For the quarter ended 30 September 2015, the bank’s net interest income stood at $2.82bn, a rise of 2.7% from $2.75bn in the third quarter of 2014.
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Total net revenue increased 3.1% to $5.15bn from $4.99bn in the year ago quarter. Noninterest expense for the quarter was $2.77bn, a 6.2% increase from $2.61bn in the prior year.
The bank’s provision for credit losses decreased 9.3% to $282m from $311m a year ago.
U.S. Bancorp chairman, president and CEO Richard Davis said: "U.S. Bancorp achieved record diluted earnings per share (EPS) of $0.81 and continued to deliver industry-leading performance measures, with a return on average assets (ROA) of 1.44 percent, return on average common equity (ROE) of 14.1 percent, and an efficiency ratio of 53.9%.
"In addition, we returned 80% of our earnings to shareholders through dividends and share buybacks in the third quarter."
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