US Bancorp reported net income of $1.486 billion and diluted earnings per common share of 90 cents for during the fourth quarter. The results represent a decrease of 18 cents per diluted common share.
For the full year, record net revenue of $22,986 million and diluted earnings per common share of $4.16 were reported. Net income was $6.946 billion compared with $7.124 billion during 2018. The decrease was attributed to lower total net revenue of 2.8 percent and an increase in noninterest expense of 3.7 percent.
Total loan growth was 3.6 percent and full year average total deposits grew 4.0 percent.
“As our fourth quarter financial results indicate we ended 2019 on a good note and we enter a new year, and a new decade, in a strong position. Our focus on value creation supported continued customer acquisition and deepening of existing relationships across our franchise, which in turn drove strong account and volume growth in our fee businesses and strong loan and deposit growth in our banking businesses,” Andy Cecere, Chairman, President and CEO, said in the report. “During the quarter, we returned $2.9 billion of earnings to shareholders through dividends and an expanded share buyback program. We remain committed to delivering best-in-class products and services and this coming year we will continue to enhance our digital capabilities aimed at improving the customer experience and making it simpler and more productive to do business with us. I want to thank our employees for all their hard work in building the solid foundation from which we will grow in 2020 and beyond.”