US Bank, the seventh-largest US bank by assets, has posted first quarter net income of $1.68bn, up 13% year-on-year, driven by higher interest income and reduced taxes.
Andy Cecere, Chairman, President and CEO, US Bank said: “We reported a solid first quarter, highlighted by a 19.3% return on average tangible common equity. We delivered solid growth in net interest income and high return fee businesses such as corporate payments, credit card, and wealth management and investment services.
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“We continue to invest for the future and I’m pleased with the progress we are making on initiatives aimed at advancing our digital offerings and expanding our treasury management and payment services capabilities.”
Less positive metrics included a rise in the US Bank cost-income ratio of 60 basis points from the year ago quarter to 55.9%.
Total loans inched up year-on year by 2.3% to $279.4bn; deposit growth was modest, up 1.9% y-o-y to $334.6bn.
Cecere told analysts on a call that about 65% to 70% of US Bank transactions occur on its mobile device but under 20% of sales.
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By GlobalData“We want to continue to enhance our capabilities around the sales side of the equation, offering convenience and speed for customers as we think about a digital-first world.”
Minneapolis-headquartered US Bank ranks fifth in the US by deposits behind Chase, Bank of America, Wells Fargo and Citi; by branches it ranks fourth with over 3,100 outlets.
