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NEW YORK - U.S. Bancorp (BVMF:USBC34) (NYSE:USB) reported fourth quarter earnings that narrowly beat analyst estimates, but shares fell 2.40%.
The Minneapolis-based bank posted adjusted earnings per share of $1.07 for the fourth quarter, edging past the analyst consensus of $1.05.
Revenue came in at $7.01 billion, slightly above expectations of $6.98 billion and up from $6.77 billion in the same quarter last year.
U.S. Bancorp's net interest income, a key metric for banks, rose to $4.18 billion on a taxable-equivalent basis. The bank's efficiency ratio, which measures expenses as a percentage of revenue, improved to 59.9% when adjusted for notable items.
"Year-over-year top line revenue growth and continued expense discipline resulted in 190 basis points of positive operating leverage on an adjusted basis," said Andy Cecere, Chairman and CEO of U.S. Bancorp. He added that the results "showcased the benefits of effective balance sheet management, earning asset repricing and mix, as well as our diversified business model."
The bank reported a return on tangible common equity of 18.3% and a return on average assets of 1.03%, both adjusted for notable items. Its Common Equity Tier 1 (CET1) capital ratio stood at 10.6% at the end of December.
For the full year 2024, U.S. Bancorp reported adjusted net income of $6.60 billion and adjusted earnings per share of $3.98. The bank saw noninterest income grow 3.9% YoY, excluding securities gains/losses and prior year notable items.
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