Photographer: George Frey/Bloomberg BLOOMBERG NEWSU.S. Bancorp (NYSE: USB) is the seventh-largest bank in the United States by assets, and offers consumer banking, commercial banking, cash management, card & payment services, foreign exchange, and investment management services to its clients. Card & Payment Services segment has contributed around 27% of total revenues over the last three years, and its revenues are expected to cross $6.3 billion by 2020It represents revenues from providing credit card services and merchant payment services for corporate and retail clients. The growth in Net Interest Income was mainly due to higher net interest yield from credit card loans, while increase in Credit & Debit Card Revenues was supported by a jump in Credit Card Transaction Volume. This would be driven by $200 million increase in segment’s Net Interest Income due to growth in Average Credit Card Loans, and $100 million addition in Credit & Debit Card revenues due to higher Credit Card Transaction Volume. This represents the revenues for U.S. Bancorp from providing commercial products and services as well as treasury management services to its corporate clients.

Source: Forbes December 06, 2019 13:52 UTC