- Net income of $1.4B of $0.73 per share is flat from one year ago.
- Average total loan growth of 6%, average commercial loan growth of 8.5%, average commercial real estate loan growth of 7.6%. Performance ratios continue to be near or at the top of the industry, but slipped from last year: ROA of 1.56% (falls 9 bps from last year), ROE of 14.6% (falls 140 bps), efficiency ratio of 52.9% (deteriorates 220 bps).
- Common equity Tier 1 Capital Ratio of 9.7%. Returned 67% of Q1 profits through dividends and buybacks (12M shares). Book value per share of $20.48 is up 9.5% from a year ago. Today's stock price is roughly double book value.
- Net interest margin of 3.35% falls 13 basis points from one year ago.
- CC begins at 8 ET
- Press release, Q1 results
- NYSE:USB no trades premarket