Financial services company U.S. Bancorp (NYSE: USB) on Wednesday announced operating results for the third quarter of 2023, reporting a decline in net income despite an increase in revenues.
Total net revenue increased 11% from last year to $7.03 billion in the September quarter. At $29.74, book value per share was up 9%.
Net income attributable to shareholders was $1.41 billion or $0.91 per share in Q3, compared to $1.72 billion or $1.16 per share in the same period of 2022. Both average loans and average deposits increased by 12% during the three-month period.
“Third quarter credit quality trends were in line with expectations and we continued to add to our reserve level reflecting prudent assessment of the evolving credit environment. I want to thank all of our employees for their dedication to helping our clients, communities, and shareholders,” said the bank’s CEO Andy Cecere.
