IBOS members U.S. Bank announces a full year return on average assets of 1.36 per cent and average common equity of 13.4 per cent in a report released on 18 January 2017.
U.S. Bank reported a net income of $1,478 million for the fourth quarter of 2016, compared with $1,476 million in the fourth quarter of 2015.
Net income attributable to U.S. Bank was $1,478 million for the fourth quarter of 2016, 0.1 per cent higher than the $1,476 million for the fourth quarter of 2015. Diluted earnings per common share of $0.82 in the fourth quarter of 2016 were $0.02 higher than the fourth quarter of 2015 and $0.02 lower than the third quarter of 2016.
Richard K. Davis, Chairman and Chief Executive Officer, of U.S. Bank, commented:
“U.S. Bancorp delivered an outstanding performance in 2016 with record net income, EPS, and revenue. In a challenging year where the economic environment was often unpredictable, we delivered industry-leading returns, we made important investments in our long-term growth strategy, and we returned 79 percent of our earnings to shareholders through dividends and share buybacks.
Our success in 2016 was a result of the tremendous efforts of our 70,000 employees working hard as One U.S. Bank to help our customers build financially secure futures – and they did it with ethics and integrity. We are proud of these achievements because they are a reflection of our people and our culture. As usual, you can expect U.S. Bank to deliver consistent, predictable, and repeatable results.”
Below are the highlights for the full year of 2016:
- Record diluted earnings per common share of $3.24, which was 2.5 percent higher than 2015
- Industry-leading return on average assets of 1.36 percent and average common equity of 13.4 percent
- Returned 79 percent of 2016 earnings to shareholders through dividends and share buybacks
Below are the highlights of U.S. Bank’s Q4 2016, compared to Q4 2015:
- Average total loans grew 1.1% on a linked quarter basis and 6.2% over the fourth quarter of 2015
- Average total deposits grew 3.3% on a linked quarter basis and 11.8% over the fourth quarter of 2015
- Net interest income (taxable-equivalent basis) grew 2.1% on a linked quarter basis and 4.6% year-over-year
- Average earning assets grew 2.1% on a linked quarter basis and 7.7% year-over-year
- Net interest margin of 2.98% for the fourth quarter of 2016 was unchanged from the third quarter of 2016, and down 8 basis points from the fourth quarter of 2015, primarily due to changes in the loan and investment portfolio mix and higher average cash balances
- Non-interest income increased 3.9% on a year-over-year basis
- Payment services revenue increased 4.0% (5.6% excluding the impact of foreign currency rate changes)
- Trust and investment management fees increased 9.5%
- Mortgage banking revenue increased 13.7 percent
- Credit quality was stable relative to the third quarter and year-over-year
Access the full report, via U.S. Bank’s website, here.