U.S. Bancorp reported earnings for 2016 which not only increased from 2015, but also set a record high, according to the Chief Executive Officer.
Net income increased just 0.2% for the year to $5.89 billion, but it was enough to set a record high for net income. Diluted earnings per common share also set a record high with its increase of 2.5% to $3.24 for the year.
However, the fourth quarter earnings dipped slightly from the previous quarter, falling 1.6% from the third quarter’s $1.5 billion to $1.48 billion in the fourth quarter. This is an increase of just $2 million from the fourth quarter of 2015.
The story was much the same with diluted earnings per share, which decreased 2.4% from the third quarter’s $0.84 to $0.82, but increased 2.5% from 2015’s $0.8 per share.
Net interest income increased both quarterly and annually to nearly $3 billion. This is up 2.1% from $2.89 billion in the third quarter and 4.8% from $2.82 billion in 2015. Total loans grew 1.1% quarterly and 6.2% year-over-year.
Total net revenue increased 0.9% from the third quarter’s $5.39 billion and 4.3% from last year’s $5.21 billion to $5.44 billion in the fourth quarter.
“U.S. Bancorp delivered an outstanding performance in 2016 with record net income, EPS, and revenue,” said Richard Davis, U.S. Bancorp Chairman and CEO. “In a challenging year where the economic environment was often unpredictable, we delivered industry-leading returns, we made important investments in our long-term growth strategy, and we returned 79% of our earnings to shareholders through dividends and share buybacks.”
