The company said net income attributable to U.S. Bancorp was $1,319 million and diluted earnings per common share was $0.78 for Q1 2024. On an adjusted basis, excluding notable items, net income was $1,518 million and diluted earnings per common share was $0.90.

1. 01

   The company said net income attributable to U.S. Bancorp was $1,319 million and diluted earnings per common share was $0.78 for Q1 2024. On an adjusted basis, excluding notable items, net income was $1,518 million and diluted earnings per common share was $0.90.

2. 02

   The company said notable items before taxes totaled $265 million for Q1 2024, consisting of merger and integration-related charges of $155 million tied to the acquisition of MUFG Union Bank and an increase of $110 million in the FDIC special assessment.

3. 03

   The company said net interest income on a taxable-equivalent basis was $4,015 million for Q1 2024, down 14.0% from a year earlier, and the net interest margin was 2.70%, lower than 3.10% a year earlier.

4. 04

   The company said its provision for credit losses was $553 million and net charge-offs were $488 million for Q1 2024, with the net charge-off ratio at 0.53%. As of March 31, 2024, the allowance for credit losses was $7,904 million.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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