U.S. Bancorp reports first quarter 2024 results

Results include net income of $1,518 million and diluted earnings per common share of $0.90, as adjusted for notable items

Highlights

• Net income of $1,518 million and diluted earnings per common share of $0.90, as adjusted for notable items
• Net revenue of $6,715 million, including $4,015 million of net interest income on a taxable-equivalent basis
• Noninterest income increased 7.7% year-over-year and decreased 1.4% on a linked quarter basis, as adjusted for notable items
• Noninterest expense decreased 2.7% year-over-year and 0.2% on a linked quarter basis, as adjusted for notable items
• Average total loans decreased 0.5% and average total deposits increased 0.1% on a linked quarter basis
• Return on tangible common equity of 17.4%, return on average assets of 0.93%, and efficiency ratio of 62.5%, as adjusted for notable items
• CET1 capital ratio of 10.0% at March 31, 2024, compared with 9.9% at December 31, 2023
• Notable items for the quarter, on a pretax basis, consisted of $155 million of merger and integration-related charges related to the acquisition of MUFG Union Bank ("MUB") and a $110 million charge for the increase in the Federal Deposit Insurance Corporation ("FDIC") special assessment

Full financial details

Full financial details available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, "In the first quarter we delivered a return on tangible common equity of 17.4%, net income of $1.5 billion, both as adjusted, and net revenue of $6.7 billion. Our common equity tier 1 ratio ended the quarter at 10.0%. Diluted earnings per share of $0.90, as adjusted, excluded $(0.12) of notable items that included the last of our merger and integration-related charges related to the acquisition of MUFG Union Bank and an anticipated increase in the FDIC special assessment.

Our results benefited from good growth across our fee businesses driven by strong underlying client growth and activity, as well as prudent expense management. Despite a challenging interest rate environment and pressure on industry deposit levels, we again saw growth in consumer deposits during the quarter. We continue to strategically invest in our digital and payments capabilities, our historical risk discipline remains intact, and our capital and liquidity profile is strong.

I would like to thank our dedicated U.S. Bank employees for all that they do to support our customers, communities and shareholders - it is because of them that we remain well-positioned to execute on our capital-efficient growth objectives and industry-leading returns."

Contact

George Andersen, U.S. Bancorp Investor Relations
[email protected], 612.303.3620

Jeff Shelman, U.S. Bank Public Affairs and Communications
[email protected], 612.303.9933

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