4/17, 12:49 PM (Source: TeleTrader)
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US Bancorp lifts quarterly profit by 1.4% to $1.7B

Earnings per share in the three months through March came in at $1 on a diluted basis or 4.2% higher than in the same period of last year, the parent of U.S. Bank National Association said on Wednesday. The result came on a rise in net income attributable to US Bancorp by 1.4% to $1.7 billion and net revenue of $5.58 billion. The top line jumped 2%. Dividends were lifted to 37 cents per share from 30 cents, paid for the first quarter of last year.

"During the quarter, we returned 77% of our earnings to shareholders through dividends and share buybacks. We are launching a number of digital initiatives combining the best of technology and innovation to help make our customers' financial lives simpler and more productive," said the holding's president and chief executive Andy Cecere.

The financial services giant attributed the expansion to loan growth, cost discipline and fees. Net interest income rose 2.8% to $3.29 billion on an annual scale. Noninterest expenses climbed 1% to $3.09 billion and provisions for credit losses were boosted by 10.6% year on year to $377 million. Common equity tier 1 (CET1) capital ratio moved 0.3 percentage points up to 9.3%, compared to 9.1% from the fourth quarter.

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