U.S. Bancorp said net income attributable to U.S. Bancorp for Q3 2024 was $1.7 billion, or $1.03 per diluted common share, compared with $1.5 billion, or $0.91 per diluted share, for Q3 2023.

1. 01

   U.S. Bancorp said net income attributable to U.S. Bancorp for Q3 2024 was $1.7 billion, or $1.03 per diluted common share, compared with $1.5 billion, or $0.91 per diluted share, for Q3 2023.

2. 02

   The company said total net revenue for Q3 2024 was $168 million (2.4%) lower than Q3 2023, and that net interest income and noninterest income each decreased 2.4%.

3. 03

   The company said the provision for credit losses for Q3 2024 was $557 million, up $42 million (8.2%) from Q3 2023, and cited higher net charge-offs as the driver of the increase. Net charge-offs were $564 million, compared with $420 million for Q3 2023.

4. 04

   The company said noninterest expense for Q3 2024 was $326 million (7.2%) lower than Q3 2023, primarily due to merger and integration charges in the prior year and lower other noninterest expense. It said higher compensation and employee benefits expense partially offset the decrease.

Key figures

Quarter ended September 30, 2024

Revenue

$6.9B

Net income

$1.7B

EPS

$1.03

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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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