U.S. Bancorp(US:USB)2025-01-16 11:48Financial Performance - Net income attributable to U.S. Bancorp for Q4 2024 was $1,663 million, up 96.5% compared to $847 million in Q4 2023[2] - Earnings per common share for Q4 2024 was $1.01, compared to $0.49 in Q4 2023, representing a growth of 106.1%[2] - Net income for Q4 2024 reached $1,273 million, compared to $1,198 million in Q3 2024, reflecting a 6.3% increase[17] - Net income attributable to U.S. Bancorp for Q4 2024 was a loss of $248 million, compared to a loss of $938 million in Q4 2023[33] Revenue and Income - Total interest income for Q4 2024 was $7,831 million, a decrease of 3.2% from Q3 2024[2] - Noninterest income increased to $2,833 million in Q4 2024, compared to $2,620 million in Q4 2023, reflecting a growth of 8.1%[2] - Total net revenue for Q4 2024 was $3,079 million, up from $3,047 million in Q3 2024, indicating a growth of 1.0%[17] - Total net revenue for Q4 2024 was a loss of $139 million, an improvement from a loss of $306 million in Q4 2023[33] Assets and Liabilities - Total assets decreased to $678,318 million in Q4 2024 from $686,469 million in Q3 2024[4] - Total assets increased to $671,907 million as of December 31, 2024, up 1.1% from $664,640 million at September 30, 2024[9] - Total assets increased to $251,871 million in Q4 2024, up from $233,707 million in Q4 2023, representing an increase of 7.8% year-over-year[34] Loans and Deposits - Total loans reached $375.655 billion, a slight increase of 0.2% compared to $372.856 billion in the previous year[5] - Total loans increased to $379,832 million in Q4 2024, up from $374,164 million in Q3 2024, representing a growth of 1.8%[15] - Total deposits were $518,309 million, a slight decrease from $521,131 million in Q3 2024[4] - Total deposits rose to $14,449 million in Q4 2024, compared to $11,735 million in Q4 2023, reflecting a growth of 23.2% year-over-year[34] Credit Quality - Provision for credit losses was $560 million in Q4 2024, up from $512 million in Q4 2023[2] - Nonperforming loans increased to $1,384 million in Q4 2024, compared to $1,359 million in Q3 2024, reflecting a rise in credit quality concerns[18] - The provision for credit losses was a benefit of $33 million in Q4 2024, compared to a provision of $66 million in Q4 2023, indicating improved credit conditions[33] Efficiency and Cost Management - The efficiency ratio improved to 61.5% in Q4 2024 from 75.9% in Q4 2023[2] - The efficiency ratio improved to 43.3% in Q4 2024 from 44.5% in Q3 2024, indicating better cost management[17] - The efficiency ratio improved to 58.2% in Q4 2024 from 60.9% in Q4 2023, indicating better cost management[29] Investment and Securities - Investment securities rose to $171.325 billion, reflecting a 5.8% increase from $161.885 billion year-over-year[6] - Investment securities averaged $171,325 million with yields of 3.14%, a decrease from 3.20% in the prior quarter[9] Other Key Metrics - The return on average assets improved to 2.50% in Q4 2024, up from 2.38% in Q3 2024, indicating enhanced profitability[17] - Noninterest income reached $1,161 million, an increase from $1,021 million in the same quarter last year, reflecting a growth of 13.7%[20] - Total average deposit balances increased to $274,569 million, up from $268,801 million year-over-year, representing a growth of 2.8%[20]