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US Bancorp sees higher card revenues, trust and investment fees in Q3


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US Bancorp sees higher card revenues, trust and investment fees in Q3

U.S. Bancorp on Oct. 17 reported third-quarter net income applicable to common shareholders of $1.73 billion, or $1.06 per share, rising from net income of $1.49 billion, or 88 cents per share, in the same quarter in 2017.

The S&P Global Market Intelligence consensus mean estimate for third-quarter GAAP EPS was $1.04.

The Minneapolis-based company's net interest income for the recently concluded quarter was $3.25 billion, up 2.4% from $3.18 billion a year ago.

On a year-over-year basis, credit and debit card revenue went up 8.2% to $344 million. Trust and investment management fees also increased 8.2% to $411 million due to business growth and favorable market conditions.

Mortgage banking revenue was down 18.3% year over year to $174 million, mainly due to lower mortgage production and the adverse impact on gain on sale margins due to excess industry capacity. Commercial products revenue was down by 10% to $216 million, mainly due to lower corporate bond underwriting fees and loan syndication fees.

Average total loans were $281.07 billion, up from the linked quarter's $278.62 billion and the year-ago period's $277.63 billion. Average total deposits were $330.12 billion, compared with $334.82 billion in the second quarter and $335.15 billion in the year-ago quarter.