U.S. Bancorp Q3 Profit Rises 10% as Revenue Growth Outpaces Costs

U.S. Bancorp's third-quarter profit rose 10% year over year as revenue growth outpaced expense increases, while BTIG's contribution helped lift capital markets revenue. Net income attributable to U.S. Bancorp was $2.202 billion for the quarter ended Sept. 30, up from $2.001 billion a year earlier. Diluted earnings per share climbed 9.8% to $1.34 from $1.22. Total net revenue reached $7.970 billion, an 8.7% increase from $7.329 billion. Excluding net securities gains and losses, revenue grew 9.5% to $8.035 billion, compared with $7.336 billion a year earlier. Noninterest expenses increased 7.1% to $4.493 billion from $4.197 billion. The faster growth in revenue excluding securities gains and losses produced 240 basis points of positive operating leverage. The efficiency ratio, which measures expenses relative to revenue, improved to 55.9% from 57.2%.

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