3Sem.ยท

$USB (-0,4ย %) | U.S. Bancorp Q3'24 Earnings Highlights:


๐Ÿ”น Adjusted EPS: $1.03 (Est. $0.99) ๐ŸŸข

๐Ÿ”น Net Interest Income (FTE): $4.17B (Est. $4.06B) ๐ŸŸข

๐Ÿ”น Revenue: $6.86B (Est. $6.88B) ๐Ÿ”ด


Key Financial Metrics:

๐Ÿ”ธ ROE: 12.4% (vs. 11.9% YoY)

๐Ÿ”ธ ROA: 1.03% (vs. 0.91% YoY)

๐Ÿ”ธ Net Interest Margin (NIM): 2.74% (Est. 2.66%) ๐ŸŸข

๐Ÿ”ธ Efficiency Ratio: 60.2% (vs. 64.4% YoY)


Balance Sheet Highlights:

๐Ÿ”ธ Average Total Loans: $374.07B (Est. $376.33B) ๐Ÿ”ด

๐Ÿ”ธ Average Total Deposits: $508.8B (Est. $518.6B) ๐Ÿ”ด


Credit Quality:

๐Ÿ”ธ Provision for Credit Losses: $557M (Est. $573M) ๐ŸŸข

๐Ÿ”ธ Net Charge-Offs: $564M

๐Ÿ”ธ Nonperforming Assets (Commercial Real Estate): 1.85% (vs. 1.87% QoQ)


Guidance:

๐Ÿ”ธ Reaffirms FY24 Net Interest Income Guidance: $16.1B - $16.4B

๐Ÿ”ธ Q4 Net Interest Income expected to be "relatively stable" QoQ


Capital Returns:

๐Ÿ”ธ Expects to Resume Share Buybacks Soon

๐Ÿ”ธ Declared Dividend: $0.50 per share


Additional Highlights:

๐Ÿ”ธ Return on Tangible Common Equity: 17.9%

๐Ÿ”ธ Net Interest Margin (NIM): 2.74% (Est. 2.66%) ๐ŸŸข

๐Ÿ”ธ Average Loans: Slightly down from Q2 2024


CEO Andy Cecere's Commentary:

๐Ÿ”ธ "We expect positive operating leverage to expand in the fourth quarter and into 2025."

๐Ÿ”ธ "We expect to resume share buybacks in the near term."

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Solid bread and butter bank.๐Ÿ‘
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