$USB (-0,4ย %) | U.S. Bancorp Q3'24 Earnings Highlights:
๐น Adjusted EPS: $1.03 (Est. $0.99) ๐ข
๐น Net Interest Income (FTE): $4.17B (Est. $4.06B) ๐ข
๐น Revenue: $6.86B (Est. $6.88B) ๐ด
Key Financial Metrics:
๐ธ ROE: 12.4% (vs. 11.9% YoY)
๐ธ ROA: 1.03% (vs. 0.91% YoY)
๐ธ Net Interest Margin (NIM): 2.74% (Est. 2.66%) ๐ข
๐ธ Efficiency Ratio: 60.2% (vs. 64.4% YoY)
Balance Sheet Highlights:
๐ธ Average Total Loans: $374.07B (Est. $376.33B) ๐ด
๐ธ Average Total Deposits: $508.8B (Est. $518.6B) ๐ด
Credit Quality:
๐ธ Provision for Credit Losses: $557M (Est. $573M) ๐ข
๐ธ Net Charge-Offs: $564M
๐ธ Nonperforming Assets (Commercial Real Estate): 1.85% (vs. 1.87% QoQ)
Guidance:
๐ธ Reaffirms FY24 Net Interest Income Guidance: $16.1B - $16.4B
๐ธ Q4 Net Interest Income expected to be "relatively stable" QoQ
Capital Returns:
๐ธ Expects to Resume Share Buybacks Soon
๐ธ Declared Dividend: $0.50 per share
Additional Highlights:
๐ธ Return on Tangible Common Equity: 17.9%
๐ธ Net Interest Margin (NIM): 2.74% (Est. 2.66%) ๐ข
๐ธ Average Loans: Slightly down from Q2 2024
CEO Andy Cecere's Commentary:
๐ธ "We expect positive operating leverage to expand in the fourth quarter and into 2025."
๐ธ "We expect to resume share buybacks in the near term."