U.S. Bancorp said net income attributable to the company in 2024 increased to $6.3 billion, or $3.79 per diluted common share, from $5.4 billion, or $3.27 per diluted common share, in 2023. Results for 2024 included notable items of $400 million.

10-KAnnual reportFiled Feb 21, 2025Period of report Dec 31, 2024Summary published (UTC) Oct 11, 2026

Key points

AI summary

U.S. Bancorp said net income attributable to the company in 2024 increased to $6.3 billion, or $3.79 per diluted common share, from $5.4 billion, or $3.27 per diluted common share, in 2023. Results for 2024 included notable items of $400 million.
The company said net interest income on a taxable-equivalent basis for 2024 was $16.4 billion, a decrease of $1.1 billion (6.4%) from $17.5 billion in 2023, and the net interest margin was 2.70%, compared with 2.90% in 2023. It cited the impact of higher interest rates on deposit mix and pricing as a factor in the decrease.
U.S. Bancorp said noninterest income for 2024 was $11.0 billion, an increase of $429 million (4.0%) from 2023, and noninterest expense was $17.2 billion, a decrease of $1.7 billion (8.9%). The company cited lower merger and integration charges and lower FDIC special assessment charges as factors in the expense decrease.
The company said the allowance for credit losses as of December 31, 2024 was $7.9 billion, nonperforming assets were $1.8 billion, and net charge-offs for 2024 were $2.2 billion. The common equity tier 1 capital ratio was 10.6%, and U.S. Bancorp resumed share repurchases in Q4 2024 under a new $5.0 billion share repurchase program.

Key figures

Fiscal year ended December 31, 2024

Revenue: $27.5B
Net income: $6.3B
EPS: $3.79
Operating cash flow: $11.3B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

2024 Net Income and Diluted Earnings Per Share

U.S. Bancorp said net income attributable to the company in 2024 increased to $6.3 billion, or $3.79 per diluted common share, from $5.4 billion, or $3.27 per diluted common share, in 2023. Results for 2024 included notable items of $400 million.

Source · Based on the MD&A text of the filing

Net Interest Income Down 6.4% and Net Interest Margin Down 2.70%

The company said net interest income on a taxable-equivalent basis for 2024 was $16.4 billion, a decrease of $1.1 billion (6.4%) from $17.5 billion in 2023, and the net interest margin was 2.70%, compared with 2.90% in 2023. It cited the impact of higher interest rates on deposit mix and pricing as a factor in the decrease.

Source · Based on the MD&A text of the filing

Noninterest Income Increases and Noninterest Expense Decreases

U.S. Bancorp said noninterest income for 2024 was $11.0 billion, an increase of $429 million (4.0%) from 2023, and noninterest expense was $17.2 billion, a decrease of $1.7 billion (8.9%). The company cited lower merger and integration charges and lower FDIC special assessment charges as factors in the expense decrease.

Source · Based on the MD&A text of the filing

Credit Metrics and Capital Management

The company said the allowance for credit losses as of December 31, 2024 was $7.9 billion, nonperforming assets were $1.8 billion, and net charge-offs for 2024 were $2.2 billion. The common equity tier 1 capital ratio was 10.6%, and U.S. Bancorp resumed share repurchases in Q4 2024 under a new $5.0 billion share repurchase program.

Source · Based on the MD&A text of the filing

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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