US Bancorp · Q3 2023 earnings

Briefing

Net income attributable to U.S. Bancorp was $1,523 million and diluted earnings per common share was $0.91.

U.S. Bancorp reported a net income attributable to U.S. Bancorp of $1,523 million for Q3 2023, with diluted earnings per common share of $0.91. The results include merger and integration-related charges of $213 million net-of-tax, or $(0.14) per diluted common share. On an adjusted basis, diluted earnings per common share was $1.05.

• CET1 capital ratio of 9.7% at September 30, 2023, compared with 9.1% at June 30, 2023
• Net income of $1,736 million and diluted earnings per common share of $1.05 as adjusted for merger and integration-related charges associated with the acquisition of MUFG Union Bank (“MUB”)
• Net revenue of $7,032 million including $4,268 million of net interest income on a taxable-equivalent basis and $2,764 million of noninterest income
• Return on average assets of 1.04%, return on average common equity of 13.7%, and efficiency ratio of 60.4% as adjusted for merger and integration-related charges

Headline financials

Revenue & EPS history

This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof.