U.S. Bancorp reports growth in net income and strong earnings in Q3 2024

U.S. Bancorp (NYSE:USB) has announced its financial outcomes for the third quarter of 2024, showcasing a notable increase in net income and strong performance metrics.

The bank reported a net income of $1,714 million, marking a rise from the $1,523 million recorded in the same quarter the previous year.

The company's net revenue reached $6,864 million for the quarter, buoyed by net interest income which totaled $4,166 million on a taxable-equivalent basis.

This represents a 2.8% increase in net interest income from the prior quarter, highlighting continued growth in this area.

While diluted earnings per share for the quarter stood at $1.03, the bank achieved a robust return on tangible common equity of 17.9%.

Despite these positive trends, U.S. Bancorp faced challenges in other areas.

Non-interest income declined by 2.4% compared to last year, reflecting some volatility in non-core financial streams.

Additionally, the bank saw a slight reduction in average total loans and a 0.7% decrease in average total deposits year-over-year.

Meanwhile, the bank's CET1 capital ratio improved slightly to 10.5% at the end of September 2024, up from 10.3% at the end of June 2024.