10:09 AM EDT, 10/16/2025 (MT Newswires) -- (Updated to compare net revenue, excluding securities losses with the consensus view in the second paragraph and add the year-to-date stock move in the third paragraph.)

US Bancorp ( USB ) reported a double-digit increase in third-quarter earnings on Thursday, while the lender's revenue rose year over year and beat Wall Street's estimates.

Net income came in at $1.22 per share for the September quarter, up about 18% year over year, topping the FactSet-polled consensus of $1.13. Net revenue, excluding securities losses, grew 5.1% to $7.34 billion, compared with the Street's $7.17 billion view.

The stock rose 2.5% in Thursday trade, and is marginally down so far this year.

"Our commitment to growth, execution, and greater interconnectedness across the franchise supported delivery of record net revenue of $7.3 billion this quarter," Chief Executive Gunjan Kedia said in a statement. "Solid net interest income growth and margin expansion, as well as continued momentum across our fee businesses and prudent expense management supported double-digit net income growth."

On a taxable-equivalent basis, net interest income increased 2% to $4.25 billion, mainly due to the favorable impact of loan mix change, fixed asset repricing and lower rates paid on interest-bearing deposits, according to the bank. Noninterest income climbed 14% to $3.08 billion, buoyed by higher revenue across most categories.

For the ongoing three-month period, US Bancorp ( USB ) expects taxable-equivalent net interest income to be "relatively stable" versus the previous quarter, it said in an earnings presentation. Fee revenue is pegged at about $3 billion, compared with the $3.09 billion recorded in the third quarter.

Earlier in the week, banking and investment giants JPMorgan Chase (JPM), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS) and Morgan Stanley (MS) reported better-than-expected quarterly results.

US Bancorp's ( USB ) net interest margin ticked up to 2.75% in the September quarter from 2.74% a year ago, ahead of the average analyst estimate of 2.70%. Provision for credit losses rose to $571 million from $557 million last year, driven by loan portfolio growth, the lender said.

"As we look ahead, we remain confident in our ability to deliver sustainable growth, maintain disciplined risk management, and continue creating long-term value for all of our stakeholders," according to Kedia.

Price: 46.97, Change: +0.52, Percent Change: +1.11