News

Results include net income of $1,622 million and diluted earnings per common share of $0.98, both as adjusted for a $26 million notable item for an increase in the FDIC special assessment

Highlights

• Net income of $1,622 million and diluted earnings per common share of $0.98, both as adjusted for a $26 million notable item for an increase in the Federal Deposit Insurance Corporation special assessment
• Net interest income, linked quarter, increased 0.9% 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
• Net revenue of $6,867 million, including $4,052 million of net interest income on a taxable-equivalent basis
• Noninterest expense decreased 1.7% year-over-year and 0.1% on a linked quarter basis, as adjusted
• Return on tangible common equity of 18.6%, return on average assets of 0.98%, and efficiency ratio of 60.7%, each as adjusted
• CET1 capital ratio of 10.3% at June 30, 2024, compared with 10.0% at March 31, 2024

Full financial details available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the second quarter, we posted diluted earnings per share of $0.98 and delivered a return on tangible common equity of 18.6%, both as adjusted. This quarter we generated $6.9 billion in net revenue driven by improved linked quarter net interest income, supported by healthy deposit growth, and continued momentum in leveraging our diversified fee income platform to deepen relationships.

We continued to invest for the future while managing our operating expenses prudently, with both linked quarter and year-over-year declines in noninterest expense. This quarter, credit metrics continued to perform in line with expectations, and we believe our reserve levels are appropriate for future losses. All capital and liquidity ratios remain strong, and we increased our CET1 ratio by 30 basis points to end the quarter at 10.3% - a year-over-year increase of 120 basis points. As we head into the back half of this year, we are well-positioned with national scale, an interconnected business model and superior digital capabilities, to continue our delivery of industry leading returns over the long term.

I would like to thank all our employees for their continued focus on best serving our clients, communities and shareholders.”

Contact

George Andersen, U.S. Bancorp Investor Relations
george.andersen@usbank.com, 612.303.3620

Jeff Shelman, U.S. Bank Public Affairs and Communications
jeffrey.shelman@usbank.com, 612.303.9933