US Bancorp's Q3 net revenue rises slightly less than expected after BTIG acquisition
USB•US Bancorp's third-quarter net revenue rose 8.7% year over year to $7.97 billion, slightly below the $8.007 billion consensus estimate. Adjusted EPS increased nearly 10% year over year to $1.34.
1. Quarterly results
US Bancorp reported third-quarter net income of $2.20 billion and net interest income of $4.47 billion. Its credit loss provision was $654 million, and its CET1 capital ratio was 10.80%.
2. Revenue and initiatives
Higher loan balances and the purchase of a small-business credit card portfolio contributed to increased net interest income. Noninterest income rose on higher capital markets revenue and the BTIG acquisition, while noninterest expense increased due to the acquisition, compensation, technology and marketing costs. The company launched a proprietary stablecoin pilot and new small-business credit cards.
3. No financial guidance
The company did not provide specific financial guidance for the current quarter or full year.
