US Bancorp

Latest Results (17.12.2024):

Net Income and Earnings

US Bancorp reported a net income of $1,714 million for the third quarter of 2024, which is an increase of $191 million compared to the third quarter of 2023 and $111 million higher than the second quarter of 2024. The diluted earnings per common share for the third quarter of 2024 was $1.03, up from $0.91 in the third quarter of 2023 and $0.97 in the second quarter of 2024.

Net Interest Income

For the third quarter of 2024, US Bancorp's net interest income on a taxable-equivalent basis was $4,166 million. This represents a 2.8% increase from the second quarter of 2024, although it is slightly lower than the $4,268 million reported in the third quarter of 2023. The net interest margin for the third quarter of 2024 was 2.74%.

Noninterest Income and Expenses

US Bancorp's noninterest income for the third quarter of 2024 was $2,698 million, which is a decrease from $2,815 million in the second quarter of 2024 and $2,764 million in the third quarter of 2023. Noninterest expenses were $4,204 million, showing a slight decrease from $4,214 million in the second quarter of 2024 and a more significant decrease from $4,530 million in the third quarter of 2023.

Profitability Metrics

In the third quarter of 2024, US Bancorp achieved a return on average assets of 1.03% and a return on average common equity of 12.4%. The return on tangible common equity was 17.9%, and the efficiency ratio was 60.2%. These metrics indicate a strong profitability performance for the quarter.

Capital and Outlook

US Bancorp's Common Equity Tier 1 (CET1) capital ratio was 10.5% as of September 30, 2024, up from 10.3% at the end of the second quarter of 2024. The company expects to continue expanding positive operating leverage into the fourth quarter and 2025, with plans to resume share buybacks in the near term.