US Bancorp posts Q3 earnings beat, but revenue misses estimates

MINNEAPOLIS - U.S. Bancorp (NYSE:USB) reported third quarter earnings that surpassed analyst expectations, while revenue fell just short of estimates. The bank's stock rose 1.53% following the announcement.

The Minneapolis-based financial institution posted adjusted earnings per share of $1.03 for the third quarter, beating the analyst consensus of $0.99 by $0.04. Revenue came in at $6.86 billion, slightly below the $6.9 billion analysts had projected.

Compared to the same quarter last year, U.S. Bancorp's revenue increased, though the exact percentage was not provided in the press release. The company's performance in the third quarter was driven by strong results across its diversified business mix, including consumer banking, business banking, commercial banking, institutional banking, payments, and wealth management.

Chairman and CEO Andy Cecere commented on the results, stating, "Our third quarter performance demonstrates the strength and resilience of our diversified business model. We continue to focus on delivering value for our customers and shareholders while navigating the current economic environment."

The bank reported total assets of $680 billion as of June 30, 2024, highlighting its position as one of the largest financial institutions in the United States. U.S. Bancorp serves millions of customers through its extensive network and diverse range of financial services.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com