US Bancorp (NYSE:USB) Q4 2019 Earnings Conference Call - Final Transcript

Jan 15, 2020 • 09:00 am ET


US Bancorp (NYSE:USB) Q4 2019 Earnings Conference Call - Final Transcript


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Andrew Cecere

interest rate environment facing the entire industry as well as the impact of actions we took to better position our company for the future. However, as our core financial metrics indicate, we ended the year on a solid note and we are in a strong position as we head into 2020. We view the interest rate environment as a manageable headwind and we are confident in our ability to prudently grow our balance sheet and gain market share in our fee businesses. Fee growth was negatively impacted by several headwinds in 2019. As Terry discussed, we expect the return to normalized growth in credit and debit card revenue this year. In a more stable interest rate environment, as a refi driven market shifts to purchase driven market, the investments we made in our mortgage business over the past several years will become increasingly evident in the form of market share gains.

We are proud of our strong and consistent financial track record, but we are always looking for ways to improve. That means we are changing the way we think, the way we work and the way we do business. As we move into 2020 and beyond, we will continue to increase workflow agility and speed to market for our products and services while at the same time optimizing our core operation to fund investment for the future. Our ability to leverage the combined dollar of our rapidly improving digital capabilities and our complete payment ecosystem will lead to higher staff customer satisfaction, stronger revenue growth and efficiencies and ultimately, improved returns.

In summary, we remain focused on managing this company for the long-term while delivering at a pathway to the future. I'd like to thank our employees for all we accomplished this year, supported by their hard work and commitment to creating value for all our customers.

We will now open-up the call for Q&A.