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US Bancorp reports higher Q3 net income YOY

Minneapolis-based U.S. Bancorp reported net income applicable to common shareholders of $1.82 billion for the third quarter, or $1.15 per share, compared with $1.73 billion, or $1.06 per share, in the same period in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the third quarter was $1.11.

Average total loans were $292.44 billion, compared with $289.22 billion for the second quarter and $281.07 billion for the third quarter of 2018. Average total deposits were $349.93 billion for the most recent quarter, compared with $345.23 billion in the previous quarter and $330.12 billion in the year-ago quarter.

Total net revenue rose 3.9% year over year to $5.92 billion from $5.70 billion.

Net interest income for the third quarter grew 0.9% year over year to $3.28 billion from $3.25 billion in the year-ago quarter.

The bank's provision for credit losses increased 7.0% to $367 million from $343 million in the year-ago quarter.

Net interest margin was 3.02% in the third quarter, down from 3.13% in the preceding quarter and 3.15% in the year-ago quarter. The decrease, the company said, was primarily due to the adverse impact of the yield curve and lower interest recoveries, partially offset by loan growth and an additional day in the third quarter.