U.S. Bancorp, the parent company of U.S. Bank National Association, provides a range of financial services including consumer and commercial banking, payments, and wealth management. The company reported its fourth-quarter earnings on December 31, 2024, revealing a stable financial performance.

For the fourth quarter of 2024, U.S. Bancorp’s net income was $1.66 billion, representing an increase of 96.3% compared to $847 million for the same period a year ago. Earnings per diluted share were $1.01, compared to $0.49 in the fourth quarter of 2023. After adjusting for notable items, earnings per diluted share increased to $1.07 from $0.99 in the fourth quarter of 2023.

Net revenue for the quarter totaled $7.01 billion, compared to $6.76 billion in the fourth quarter of 2023—a year-over-year increase of 3.7%. Specifically, net interest income on a taxable-equivalent basis was $4.18 billion, a slight rise of 0.8% from $4.14 billion in the same quarter last year. Noninterest income amounted to $2.83 billion, a growth of 8.1% compared to $2.62 billion in the previous year.

U.S. Bancorp’s efficiency ratio for the fourth quarter was 61.5%, down from 75.9% in the fourth quarter of 2023, indicating improved expense management. The company’s common equity tier 1 (CET1) capital ratio ended the quarter at 10.6%, up by 10 basis points from the prior quarter.

Regarding the balance sheet, average total loans increased 0.8% year-over-year to approximately $376 billion. Average total deposits reached $512.3 billion, a 1.9% increase compared to the fourth quarter of 2023. The net charge-off ratio for the fourth quarter was 0.60%, which remained consistent with the third quarter.

Looking ahead, U.S. Bancorp expects net interest income for the first quarter of 2025 to stabilize relative to the fourth quarter of 2024. For the full year 2025, the company anticipates total revenue growth on an adjusted basis between 3% to 5% compared to the full year of 2024, alongside positive operating leverage exceeding 200 basis points.