U.S. Bancorp reported first-quarter 2025 diluted earnings per common share of $1.03, surpassing analyst expectations. The company delivered a return on tangible common equity of 17.5% and achieved 270 basis points of positive operating leverage year-over-year on an adjusted basis, marking its third consecutive quarter of revenue growth outpacing expenses.
Net interest income (NII) on a taxable-equivalent basis increased 2.7% year-over-year to $4,122 million, with the net interest margin rising to 2.72%. Noninterest income grew 5.0% year-over-year, driven by payment services revenue and trust and investment management fees. Total net revenue reached approximately $7.0 billion.
The CET1 capital ratio increased by 20 basis points to 10.8%, demonstrating strong capital levels. The bank also highlighted new product launches, including U.S. Bank personal loans through State Farm, a Spend Management platform for business owners, the U.S. Bank Shield™ Visa® Card, and Business Essentials all-in-one checking.
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