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Mar 31, 2021
US Bancorp Q1 2021 Earnings Report
Reported strong first quarter results driven by improving economic conditions and increasing consumer confidence.
Key Takeaways
U.S. Bancorp reported a net income of $2.3 billion and diluted earnings per common share of $1.45 for the first quarter of 2021. The results reflect improving economic conditions, increasing consumer confidence, and better-than-expected credit quality, leading to a release of reserves for credit losses.
Net revenue reached $5.5 billion, with net income at $2.3 billion.
Return on average assets stood at 1.69%, and return on average common equity was 19.0%.
Common Equity Tier 1 capital ratio was reported at 9.9%, indicating strong liquidity.
Credit quality performed better than expected, resulting in the bank’s lowest net charge-off ratio in recent decades and a subsequent release of over a billion dollars in reserves for credit losses.
Revenue by Segment
Forward Guidance
U.S. Bancorp anticipates that the first quarter will represent the low point for net interest income, with potential for growth in subsequent quarters.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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