USB US Bancorp

By Patrick Thomas

U.S. Bancorp (USB) reported higher third-quarter earnings Wednesday, helped by an increase in revenue.

The Minneapolis-based regional lender posted a profit of $1.91 billion, or $1.15 a share, compared with $1.82 billion, or $1.06 a share, a year ago. Analysts surveyed by FactSet were expecting earnings of $1.11 a share.

Net revenue rose 3.9% to $5.92 billion for the quarter, above the $5.82 billion analysts had expected.

The bank's net interest income, the amount it makes from lending minus the interest it pays out, rose nearly 1% to $3.31 billion. The banks said net interest income grew mainly as a result of loan growth and higher yields on reinvestment of securities.

Noninterest income at the bank rose 8% to $2.61 billion, above what analysts were expecting.

Net interest margin, a profitability metric for banks, was 3.02%, down from 3.15% the same quarter a year earlier.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 16, 2019 07:21 ET (11:21 GMT)

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