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U.S. Bancorp Q1 net income $1,386 million

Staff writer ▼ | April 21, 2016
U.S. Bancorp reported net income of $1,386 million for the first quarter of 2016, or $0.76 per diluted common share.
U.S. Bancorp
U.S. Bancorp   Net income was $1,386 million
This compares with $1,431 million, or $0.76 per diluted common share, in the first quarter of 2015.

Net income attributable to U.S. Bancorp was $1,386 million for the first quarter of 2016, 3.1 percent lower than the $1,431 million for the first quarter of 2015, and 6.1 percent lower than the $1,476 million for the fourth quarter of 2015.

Diluted earnings per common share were $0.76 in the first quarter of 2016, the same as the first quarter of 2015 and $0.04 lower than the $0.80 reported for fourth quarter of 2015.

U.S. Bancorp chairman and chief executive officer Richard K. Davis said, "U.S. Bancorp is off to a solid start in 2016 as we once again delivered industry-leading performance metrics against a backdrop of global concerns driving long-term interest rates lower and continuing pressure in the energy sector.

"We continued to produce strong loan and deposit growth which combined with a stable net interest margin, resulted in growth in net interest income.

"Our payments-related businesses remain strong and we continue to invest in those businesses, as demonstrated by the acquisition of the $1.6 billion retail card portfolio at the end of 2015.

"Although the pressures from the energy industry negatively impacted the quarter, we took appropriate measures and remain confident that we are well positioned to continue delivering industry-leading returns throughout the year."