U.S. Bank parent reports record earnings per share for third quarter
Minneapolis-based US Bancorp reported record third-quarter earnings of 84 cents per common share today, a 3.7 percent gain from the year-ago quarter, and profits of $1.5 billion, according to a release. Returns on average assets were 1.36 percent, and average common equity was 13.5 percent for the quarter ended Sept. 30. Average total loans grew 7.6 percent over the one-year period, and deposits increased 10 percent. Expenses as a percentage of revenues were 54.5 percent. US Bancorp said it returned 79 percent of third-quarter earnings to shareholders through dividends and share buybacks.