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Mar 31, 2024
US Bancorp Q1 2024 Earnings Report
Reported a net income of $1.5 billion and diluted earnings per share of $0.90, both as adjusted, with net revenue of $6.7 billion.
Key Takeaways
U.S. Bancorp reported a strong first quarter with a return on tangible common equity of 17.4%, a CET1 ratio of 10.0%, and growth in fee businesses. Results were driven by strong client growth and activity, as well as prudent expense management, despite challenges in the interest rate environment.
Net income was $1,518 million, and diluted earnings per common share were $0.90, as adjusted for notable items.
Net revenue totaled $6,715 million, which included $4,015 million of net interest income on a taxable-equivalent basis.
Noninterest income increased 7.7% year-over-year.
The CET1 capital ratio was 10.0% at the end of March 31, 2024, compared to 9.9% at the end of December 31, 2023.
Revenue by Segment
Forward Guidance
This press release contains forward-looking statements about U.S. Bancorp. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements and are based on the information available to, and assumptions and estimates made by, management as of the date hereof.
Positive Outlook
- Anticipated future revenue
- Expenses
- Financial condition
- Asset quality
- Capital and liquidity levels
Challenges Ahead
- Deterioration in general business and economic conditions or turbulence in domestic or global financial markets
- Turmoil and volatility in the financial services industry, including failures or rumors of failures of other depository institutions
- Increases in FDIC assessments due to bank failures
- Uncertainty regarding the content, timing and impact of changes to regulatory capital, liquidity and resolution-related requirements applicable to large banking organizations in response to adverse developments affecting the banking sector
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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