Reported Q: Q2 2024 Rev YoY: +5.4% EPS YoY: +15.5% Move: +0.06%
US Bancorp Depositary
USB-PS
$17.85 0.06%
Exchange NYSE Sector Financial Services Industry Banks Regional
Q2 2024
Published: Aug 6, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for USB-PS

Reported

Report Date

Aug 6, 2024

Quarter Q2 2024

Revenue

10.80B

YoY: +5.4%

EPS

0.97

YoY: +15.5%

Market Move

+0.06%

Previous quarter: N/A

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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
  • "In the second quarter, we reported diluted earnings per share of $0.97, which included $0.01 per share of notable item related to the FDIC special assessment. Excluding this one-time charge, we delivered earnings per share of $0.98. This quarter was highlighted by an increase in net interest income, continued fee income growth, prudent expense management, credit quality stabilization, and strong capital accretion." - Andrew Cecere
USB-PS
Company USB-PS

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Executive Summary

US Bancorp Depositary Shares (USB-PS) reported a solid Q2 2024, delivering a diluted EPS of $0.97 (adjusted $0.98 excluding a $0.01 FDIC special assessment) on revenue of $10.8 billion. Management highlighted a meaningful uptick in net interest income (NII) and continued growth in fee-based businesses, supported by prudent expense management, credit-quality stabilization, and ongoing capital accretion. The quarter showcased a diversified revenue mix with fee income representing roughly 40%+ of net revenue, deposit growth of 2.2% QoQ, and a tangible book value per share of $23.15 (+2.8% QoQ). The company ended the quarter with a CET1 ratio of 10.3% (+30 bps QoQ, +120 bps YoY), underscoring robust capitalization even after CCAR stress-test considerations.

Looking ahead, USB-PS maintains guidance aligned with prior expectations: Q3 2024 NII (FTE) expected to be relatively stable to Q2, full-year 2024 NII guidance of $16.1–$16.4 billion, mid-single-digit growth in noninterest income, and full-year noninterest expense of $16.8 billion or lower. Management highlighted a continued focus on balance-sheet optimization, including securities runoff and deposit management, while signaling potential capital-actions updates at the September Investor Day contingent on Basel III endgame clarity and CCAR outcomes. Investors should monitor deposit beta and rate environment as primary drivers of NII volatility, alongside the realized gains from fee-based businesses and progress on integration synergies from Union Bank.

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

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2026 10,835.00 1.18 +0.3% 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