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US Bancorp (NYSE: USB ) on Wednesday reported a decline in net profit for the fourth quarter of 2022, despite an increase in profit.
Net income rose 12% year over year to $6.37 billion in the fourth quarter. Net income attributable to the company’s shareholders was $853 million or $0.57 per share, compared to $1.58 billion or $1.07 per share a year ago.
“Full-year results, as adjusted, were highlighted by strong pre-adjusted earnings growth, driven by solid net interest income, wider net interest margins, and positive operating leverage of more than 230 basis points. As of December 1, we completed the acquisition of MUFG Union Bank, which significantly increased our market share in California by adding one million consumer, 700 commercial, and 190,000 business banking customers,” said the bank’s CEO Andy Cecere.
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