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Jun 30, 2024
US Bancorp Q2 2024 Earnings Report
Reported net income of $1,622 million and diluted earnings per common share of $0.98, as adjusted for a $26 million notable item for an increase in the Federal Deposit Insurance Corporation ("FDIC") special assessment.
Key Takeaways
U.S. Bancorp reported a net income of $1,622 million and diluted earnings per share of $0.98, both adjusted for a $26 million FDIC special assessment. The quarter saw a rise in net interest income and momentum in leveraging the diversified fee income platform.
Net interest income increased 0.9% linked quarter on a taxable-equivalent basis.
Average total loans increased 1.0% and average total deposits increased 2.2% on a linked quarter basis.
Noninterest income increased 2.4% from the second quarter of a year ago and increased 4.3% on a linked quarter basis, as adjusted.
CET1 capital ratio of 10.3% at June 30, 2024, compared with 10.0% at March 31, 2024.
Forward Guidance
U.S. Bancorp is well-positioned with national scale, an interconnected business model and superior digital capabilities, to continue its delivery of industry leading returns over the long term.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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