US Bancorp reports strong third quarter and strategic moves

An update from US Bancorp ( (USB) ) is now available.

US Bancorp reported a strong third quarter with net income of $1,714 million, reflecting a robust return on tangible common equity of 17.9%. The company reported an increase in net interest income due to favorable loan mixes and disciplined liability management, while non-interest income increased across sectors such as commercial products and mortgage banking. As US Bancorp strengthens its capital position, the company plans to resume share buybacks soon and has entered into strategic partnerships to expand financial services, including a collaboration with Edward Jones and the acquisition of healthcare payments platform Salucro.

For a detailed examination of USB holdings, see TipRanks stock analysis page.