For the quarter ended March 2024, U.S. Bancorp (USB) reported revenue of $6.69 billion, down 6.4% over the same period last year. EPS came in at $0.90, compared to $1.16 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $6.7 billion, representing a surprise of -0.16%. The company delivered an EPS surprise of +1.12%, with the consensus EPS estimate being $0.89.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street ex ...

U.S. Bancorp (USB) came out with quarterly earnings of $0.90 per share, beating the Zacks Consensus Estimate of $0.89 per share. This compares to earnings of $1.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 1.12%. A quarter ago, it was expected that this company would post earnings of $0.99 per share when it actually produced earnings of $0.99, delivering no surprise.Over the last four quarters, the company has surpassed ...

Follow Invezz on Telegram , Twitter , and Google News for instant updates >On April 17th, U.S. Bancorp reported its Q1 2024 financial results, before US markets opened this morning.Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.The results exceeded analysts’ expectations, but were still generally lackluster as compared with 2023. The bank announced a net income of $1.5 billion, compared with a Q1 2023 net income of $1.8 billion and a Q4 2023 net inco ...

Consolidated Financial Statements [Quarterly Consolidated Statement of Income](index=2&type=section&id=Quarterly%20Consolidated%20Statement%20of%20Income) In Q1 2024, U.S. Bancorp reported a net income of $1.326 billion and diluted EPS of $0.78, significantly increasing from the prior quarter but decreasing from Q1 2023, primarily due to lower net interest income and continued net interest margin compression Q1 2024 Consolidated Income Statement Highlights (vs. Prior Periods) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Interest Income** | $3,985M | $4,111M | $4,634M | -14.0% | -3.1% | | **Total Noninterest Income** | $2,700M | $2,620M | $2,507M | +7.7% | +3.1% | | **Total Noninterest Expense** | $4,459M | $5,219M | $4,555M | -2.1% | -14.6% | | **Net Income** | $1,326M | $861M | $1,704M | -22.2% | +54.0% | | **Diluted EPS** | $0.78 | $0.49 | $1.04 | -25.0% | +59.2% | | **Net Interest Margin** | 2.70% | 2.78% | 3.10% | -40 bps | -8 bps | [Consolidated Ending Balance Sheet](index=4&type=section&id=Consolidated%20Ending%20Balance%20Sheet) As of March 31, 2024, total assets were $683.6 billion, with stable total loans at $374.6 billion and increased total deposits to $528.1 billion, driven by growth in interest-bearing deposits offsetting a decline in noninterest-bearing deposits Key Balance Sheet Items (as of March 31, 2024) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Total Assets** | $683.6B | $663.5B | $682.4B | | **Net Loans** | $367.1B | $366.5B | $380.8B | | **Total Deposits** | $528.1B | $512.3B | $505.3B | | **Noninterest-bearing Deposits** | $91.2B | $90.0B | $124.6B | | **Total Shareholders' Equity** | $56.0B | $55.8B | $53.5B | [Consolidated Average Balance Sheet and Yields/Rates](index=6&type=section&id=Consolidated%20Average%20Balance%20Sheet%20and%20Yields%2FRates) For Q1 2024, the net interest margin (NIM) on a taxable-equivalent basis was 2.70%, reflecting compression driven by a significant increase in the rate paid on interest-bearing liabilities outpacing the rise in the yield on total earning assets Q1 2024 Average Balances and Yields/Rates Analysis | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Avg. Earning Assets** | $596.1B | $594.2B | $607.6B | | **Yield on Earning Assets** | 5.25% | 5.22% | 4.65% | | **Avg. Interest-Bearing Liabilities** | $487.4B | $479.7B | $458.1B | | **Rate on Interest-Bearing Liabilities** | 3.12% | 3.02% | 2.06% | | **Net Interest Margin (Taxable-equivalent)** | 2.70% | 2.78% | 3.10% | - Year-over-year, average noninterest-bearing deposits decreased by **34.6%**, while interest-bearing deposits, particularly money market and time deposits, grew significantly by **33.7%** and **55.5%** respectively, reflecting a shift in deposit mix towards higher-cost funding[8](index=8&type=chunk) [Loan Portfolio](index=13&type=section&id=Loan%20Portfolio) As of March 31, 2024, the total loan portfolio of $374.6 billion was well-diversified, with commercial loans as the largest segment, and notable shifts including a decrease in 'Other retail' and growth in credit card loans compared to the prior year Loan Portfolio Composition (March 31, 2024) | Loan Category | Amount | Percent of Total | | :--- | :--- | :--- | | **Total Commercial** | $134.7B | 36.0% | | **Total Commercial Real Estate** | $52.7B | 14.1% | | **Total Residential Mortgages** | $116.1B | 31.0% | | **Credit Card** | $27.8B | 7.4% | | **Total Other Retail** | $43.3B | 11.5% | | **Total Loans** | **$374.6B** | **100.0%** | Supplemental Business Line Schedules [Wealth, Corporate, Commercial and Institutional Banking](index=15&type=section&id=Wealth%2C%20Corporate%2C%20Commercial%20and%20Institutional%20Banking) This segment reported a net income of $651 million for Q1 2024, a decrease from prior periods driven by lower net interest income and a swing to provision expense, despite increased noninterest income and deteriorating credit quality Segment Financial Highlights (Q1 2024) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Income** | $651M | $687M | $942M | | **Total Net Revenue** | $2,378M | $2,328M | $2,570M | | **Provision for Credit Losses** | $138M | $70M | ($26M) | | **Total Net Charge-offs** | $65M | $99M | $5M | - Assets Under Management grew to **$472.2 billion**, up from **$419.6 billion** in the prior year, driven by growth across all categories, especially money market funds[20](index=20&type=chunk) [Consumer and Business Banking](index=20&type=section&id=Consumer%20and%20Business%20Banking) The Consumer and Business Banking segment generated a net income of $601 million in Q1 2024, primarily due to a 14% year-over-year decline in net interest income, an increased provision for credit losses, and higher net charge-offs Segment Financial Highlights (Q1 2024) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Income** | $601M | $616M | $770M | | **Total Net Revenue** | $2,437M | $2,505M | $2,742M | | **Provision for Credit Losses** | $55M | $49M | $7M | | **Total Net Charge-offs** | $68M | $64M | $42M | - Mortgage production volume was **$7.1 billion** in Q1 2024, down from **$9.9 billion** in Q1 2023, reflecting the challenging mortgage market environment[29](index=29&type=chunk) - The number of branches continued to decline, reaching **2,256** in Q1 2024, down from **2,462** in Q1 2023, as part of ongoing optimization efforts[27](index=27&type=chunk) [Payment Services](index=26&type=section&id=Payment%20Services) Payment Services delivered a net income of $248 million in Q1 2024, a decrease from Q1 2023, as revenue growth was more than offset by a significant increase in the provision for credit losses and rising credit card net charge-off rates Segment Financial Highlights (Q1 2024) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Income** | $248M | $183M | $310M | | **Total Net Revenue** | $1,715M | $1,738M | $1,592M | | **Provision for Credit Losses** | $359M | $461M | $220M | | **Credit Card Net Charge-off Ratio** | 4.26% | 3.65% | 2.78% | - Payment volumes showed year-over-year growth, with credit card volume up **4.5%** to **$33.7 billion** and merchant acquiring volume up **3.6%** to **$137.6 billion**[36](index=36&type=chunk) [Treasury and Corporate Support](index=31&type=section&id=Treasury%20and%20Corporate%20Support) This segment recorded a net loss of $181 million in Q1 2024, an improvement from the prior year, primarily due to a significantly lower provision for credit losses and reduced noninterest expense Segment Financial Highlights (Q1 2024) | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | **Net Loss** | ($181M) | ($639M) | ($324M) | | **Total Net Revenue** | $185M | $191M | $271M | | **Provision for Credit Losses** | $1M | ($68M) | $226M | | **Total Noninterest Expense** | $482M | $1,210M | $549M |

Wall Street expects a year-over-year decline in earnings on lower revenues when U.S. Bancorp (USB) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 17, 2024, might help the stock move higher if these key numbers are better than expecta ...

Changes to Basel III "endgame" rules could remove an overhang from this bank stock.Regulators have been working on proposed bank changes, called Basel III endgame, which they argue would help strengthen the financial system by requiring banks to hold more capital on their balance sheets. Banks pushed back against these rules, arguing they are well capitalized, and further capital requirements could limit them and their ability to lend to their customers.U.S. Bancorp (USB -0.44%) was one bank facing big ques ...

U.S. Bancorp (USB) closed at $43.23 in the latest trading session, marking a -1.64% move from the prior day. The stock's change was less than the S&P 500's daily loss of 0.72%. Elsewhere, the Dow saw a downswing of 1%, while the tech-heavy Nasdaq depreciated by 0.95%.Heading into today, shares of the company had gained 2.93% over the past month, lagging the Finance sector's gain of 3.08% and outpacing the S&P 500's gain of 2.16% in that time.Investors will be eagerly watching for the performance of U.S. Ban ...

U.S. Bancorp (USB) closed at $42.47 in the latest trading session, marking a +0.93% move from the prior day. This change outpaced the S&P 500's 0.63% gain on the day. Elsewhere, the Dow gained 0.2%, while the tech-heavy Nasdaq added 0.82%.Shares of the company have appreciated by 1.42% over the course of the past month, underperforming the Finance sector's gain of 2.48% and the S&P 500's gain of 1.76%.Market participants will be closely following the financial results of U.S. Bancorp in its upcoming release ...

U.S. Bancorp’s (USB) robust loan pipeline, investment portfolio repositioning efforts and stable deposits are likely to enhance net interest income (NII). Diverse revenue streams and rising fee income are likely to support top-line growth. However, an escalating expense base and a concentrated loan portfolio are concerns.U.S. Bancorp witnessed strong growth in total loans and deposits over the past few years on the back of sustained client acquisition and deepened relationships with existing clients. Total ...

The latest trading session saw U.S. Bancorp (USB) ending at $43.21, denoting a -0.71% adjustment from its last day's close. The stock's change was less than the S&P 500's daily gain of 1.12%. At the same time, the Dow added 0.61%, and the tech-heavy Nasdaq gained 1.54%.The company's stock has climbed by 5.97% in the past month, exceeding the Finance sector's gain of 4.07% and the S&P 500's gain of 2.06%.Market participants will be closely following the financial results of U.S. Bancorp in its upcoming relea ...