US Bancorp (0LHY.L) Q2 2024 Earnings Report

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US Bancorp

0LHY.L

$51.45 0.11%

Exchange: LSE | Sector: Financial Services | Industry: Banks

Q2 2024

Published: Aug 6, 2024

Earnings Highlights

Revenue of $10.80B up 5.4% year-over-year
EPS of $0.97 increased by 15.5% from previous year
Gross margin of 58.1%
Net income of 1.60B
""Our continued investments in technology and customer service are yielding strong returns and enhancing our market position."" - Andrew Cecere, CEO

0LHY.L

US Bancorp

Period Q2 2024

Currency USD

Report Type Quarterly Earnings

Generated Dec 8, 2025

Executive Summary

In Q2 2024, US Bancorp demonstrated solid financial performance with revenue reaching $10.8 billion, marking a year-over-year increase of 5.35% and a quarter-over-quarter rise of 3.21%. The net income for the quarter stood at $1.6 billion, reflecting a growth of 17.78% year-over-year and 21.53% quarter-over-quarter, driven by higher operating income which rose by 17.42% year-over-year to $2.06 billion. These results reflect successful strategies in revenue generation and cost management, signifying resilience in a challenging banking environment. During the earnings call, management expressed optimism regarding ongoing growth trajectories, underlining their commitment to enhancing customer experiences across all segments.

Key Performance Indicators

Revenue

Increasing

10.80B

QoQ: 3.21% | YoY: 5.35%

Gross Profit

Decreasing

6.27B

58.06% margin

QoQ: 2.25% | YoY: -0.79%

Operating Income

Increasing

2.06B

QoQ: 22.89% | YoY: 17.42%

Net Income

Increasing

1.60B

QoQ: 21.53% | YoY: 17.78%

EPS

Increasing

0.97

QoQ: 24.36% | YoY: 15.48%

Revenue Trend

Margin Analysis

Financial Highlights

Revenue: $10.8 billion (YoY: +5.35%, QoQ: +3.21%)
Net Income: $1.6 billion (YoY: +17.78%, QoQ: +21.53%)
EPS: $0.97 (YoY: +15.48%, QoQ: +24.36%)
Operating Income: $2.06 billion (YoY: +17.42%, QoQ: +22.89%)
Despite a gross profit slight decline by 0.79% YoY, the growth in other metrics indicates robust operational adjustments. Management acknowledged the impact of increased interest expenses, but optimized operational efficiencies helped enhance profitability, illustrated by an operating income ratio of 19% and a net income ratio of approximately 14.8%.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	10.80B	5.35%	3.21%
Gross Profit	6.27B	-0.79%	2.25%
Operating Income	2.06B	17.42%	22.89%
Net Income	1.60B	17.78%	21.53%
EPS	0.97	15.48%	24.36%

Key Financial Ratios

Gross Profit Margin

Weak

1.02%

Gross profit margin is below industry norms, profitability concerns

Operating Profit Margin

Excellent

40.70%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

25.60%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

0.24%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.84%

Return on equity suggests inefficient capital allocation

Current Ratio

Concern

0.64

Current ratio below safe levels, potential liquidity risk

Debt to Equity

Elevated

0.93

Debt-to-equity shows significant leverage, monitor debt levels

P/E Ratio

Value

10.15x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.15x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q2 2025	7,604.00	1.11	-29.6%	View
Q1 2025	10,352.00	1.03	-1.1%	View
Q4 2024	10,664.00	1.01	+2.7%	View
Q3 2024	10,784.00	1.03	+2.5%	View
Q2 2024	10,800.00	0.97	+5.4%	View

US Bancorp (0LHY.L) Q2 2024 Earnings Report

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Financial Highlights

Income Statement

Key Financial Ratios

Management Insights Available for Members

Peer Comparison Available for Members

Investment Outlook & SWOT Available for Members

Historical Earnings Comparison

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