U.S. Bancorp Reports Record FY Earnings, Q4 Beats Estimates
U.S. Bancorp reported net income of $1,488 million for Q4/14 or $.79 per diluted common share, compared with $1,456 million, or $.76 per diluted common share, in Q4/13. Analysts polled by Thomson Reuters had expected EPS of $0.77. The company said full year 2014 net income was a record $5.85 billion, up from $5.84 billion a year earlier.
The following are Q4 highlights from the news release:
for the same year-ago period.
U.S. Bancorp chairman, president and CEO Richard K. Davis said, “U.S. Bancorp delivered another solid financial performance in 2014 with record full year net income of $5.85 billion. Our fourth quarter results were also solid with net income of $1.49 billion. We maintained our industry-leading performance measures, including return on average assets (ROA) of 1.54%, return on average common equity (ROE) of 14.7%, and an efficiency ratio of 53.2% for the full year of 2014. We are particularly encouraged by the 5.7% growth in total net revenue, the 15.5% growth in average total commercial loans, and the 7.2% growth in average total deposits over the fourth quarter of last year.”
To read the entire news release, click here.