U.S. Bancorp (NYSE: USB) Thursday reported an increase in revenue and profit for the fourth quarter of 2024. Earnings also came in above analysts’ forecasts.
Total net revenue increased 3.7% from last year to $7.0 billion in the December quarter. At $33.19, book value per share was up 6.6% year-over-year.
Earnings, excluding special items, rose to $1.07 per share in Q4 from $0.99 per share in the corresponding period of 2023. The bottom line exceeded expectations. Net income attributable to shareholders was $1.66 billion or $1.01 per share in the fourth quarter, compared to $847 million or $0.49 per share in the prior-year quarter.
“As we move into 2025, we are well positioned to deliver industry-leading returns on tangible common equity and remain confident in our strategy for future growth and our ability to deliver meaningful positive operating leverage,” said the bank’s CEO Andy Cecere.
