US Bancorp (USB) reports lower adj. earnings for Q2; revenue drops

Financial services company U.S. Bancorp (NYSE: USB) on Wednesday announced operating results for the second quarter of 2024, reporting a decline in revenues and adjusted net income.

Total net revenue decreased 4% from last year to $6.87 billion in the June quarter. At $31.80, book value per share was up 6% year-over-year.

Earnings, excluding special items, dropped to $0.98 per share in Q2 from $1.12 per share in the corresponding period of 2023. Net income attributable to shareholders was $1.52 billion or $0.97 per share, compared to $1.28 billion or $0.84 per share in the same period of 2023.

“All capital and liquidity ratios remain strong, and we increased our CET1 ratio by 30 basis points to end the quarter at 10.3% – a year-over-year increase of 120 basis points. As we head into the back half of this year, we are well-positioned with national scale, an interconnected business model, and superior digital capabilities, to continue our delivery of industry-leading returns over the long term,” said the bank’s CEO Andy Cecere.

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