Q1 net income of $1.473B or $0.82 per share vs. $1.386B and $0.76 one year ago. ROA of 1.35% up three basis points from last year; ROE of 13.3% up 30 bps. Efficiency ratio deteriorates to 55.6% from 54.6%. Book value per share of $25.05 up from $23.82. CET1 ratio of 9.2% (fully phased).
Net interest income up 3.7% Y/Y, with NIM of 3.03% lower by three basis points due to loan mix and reinvestment yields. NIM grew five bps from Q4. Average loans up 4.1% Y/Y. Average deposits up 11%.
Noninterest income up 8.4% Y/Y, with payment services up 4.9%, trust and investment management fees up 8.6%, and mortgage banking revenue up 10.7%.
Noninterest expense up 7.1% Y/Y, with comp expense up 11.4% thanks to new hires, merit raises, and higher bonuses.
Credit loss provision of $345M up 4.5% Y/Y. Net charge-off ratio of 0.50% in Q1 vs. 0.48% a year ago.
78% of Q1 earnings returned as either buybacks or dividends.
Previously: U.S. Bancorp beats by $0.02 (April 19)
USB flat premarket