US Bancorp (NYSE: USB) on Wednesday reported third-quarter results that exceeded analysts’ expectations, driven by robust mortgage revenue, as well as strong loan and deposit growth. Total net revenue increased 4% to $5.92 billion, which was ahead of the Wall Street target of $5.82 billion.
Average total loans grew 4% year-over-year, while average total deposits were up 6% during the quarter.
Net income grew to $1.91 billion, or $1.15 per share, from $1.82 billion, or $1.06 per share reported a year ago. Analysts were looking at earnings of $1.11 per share.
NII edged up just 1%, even as noninterest income witnessed 8% growth.
READ: Wells Fargo beats on revenues, misses on earnings in Q3
USB shares rose 1.5% during pre-market trading hours on Wednesday. The stock has gained 15% since January this year.
CEO Andy Cecere said, “Mortgage revenue was particularly robust this quarter, reflecting both market conditions and the benefits of the investments we have made in our retail platform over the past several years.”
Revenue from Credit and debit card rose 6.4% to $366 million in Q3.
Listen to on-demand earnings calls and hear how management responds to analysts’ questions
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion