IBOS member US Bank reports its Q4 2019 and Full Year highlights

US Bancorp, the parent company of IBOS member US Bank, has reported a net income of $1,486 million for Q4 2019 and a full year record net revenue of $22,986 million.

During Q4 2019, US Bank’s average total loans grew 0.8% on a linked quarter basis, and average total deposits grew 1.9% on a linked quarter basis and 6.6% year-over-year.

Full year average total loan growth was 3.6%, and full year average total deposits grew 4.0% during 2019. Positive operating leverage for full year 2019, excluding notable items, with net revenue increase of 2.5% and non-interest expense increase of 2.4%.

New eBill Servicing Offering

US Bank recently launched a new simple-to-use electronic bill presentment and payment solution designed for both billers and payers. US Bank’s eBill Service helps customers get paid faster by giving clients simple and secure ways to make payments how, when and where they want.

European Expansion

Elavon, global merchant acquirer and subsidiary of US Bancorp, has recently agreed to acquire Sage Pay, a well-known and established payments gateway business in the United Kingdom and Ireland. The acquisition is part of Elavon’s strategy to help its business customers grow as the global economy becomes more digital, and as businesses look to streamline their operations with software that includes payments capabilities.

Read the full Q4 2019 and Full Year highlights report via US Bank here