U.S. Bancorp reported third-quarter 2024 adjusted earnings per share of $1.03, surpassing analyst expectations of 99 cents per share. The company's net income reached $1.71 billion, reflecting a robust return on tangible common equity of 17.9%.
Net interest income (NII) for the quarter was $4.14 billion, exceeding analysts' estimates of $4.04 billion, driven by favorable loan mixes and disciplined liability management. While total net revenue of $6.864 billion slightly missed estimates, noninterest income increased across various sectors, contributing to overall revenue strength.
The bank's Common Equity Tier 1 (CET1) ratio stood at 10.5% under the standardized approach, demonstrating strong capital levels. U.S. Bancorp also announced plans to resume share buybacks and declared a regular quarterly dividend of $0.50 per common share, payable January 15, 2025.
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