U.S. Bancorp reported fourth-quarter 2024 adjusted diluted earnings per common share of $1.07, surpassing analyst expectations. The company delivered a return on tangible common equity of 18.3% on an adjusted basis, showcasing strong profitability.
The bank achieved 190 basis points of positive operating leverage year-over-year on an adjusted basis, driven by top-line revenue growth and disciplined expense management. Net interest income on a taxable-equivalent basis increased 0.8% year-over-year to $4,176 million, while noninterest income grew 3.5% (excluding notable items), fueled by trust and investment management fees and commercial products revenue.
U.S. Bancorp's CET1 capital ratio stood at 10.6%, reflecting robust capital levels. The company also highlighted significant operational achievements, including a 74% increase in SBA lending in fiscal year 2024 and the launch of Elavon's unified cloud-based Payment Gateway technology.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.