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On April 17th, U.S. Bancorp reported its Q1 2024 financial results, before US markets opened this morning.
The results exceeded analystsâ expectations, but were still generally lackluster as compared with 2023.
The bank announced a net income of $1.5 billion, compared with a Q1 2023 net income of $1.8 billion and a Q4 2023 net income of $1.6 billion.
Diluted earnings per common share were at $0.90, as adjusted for notable items, ahead of analystsâ expectations of a $0.84 EPS.
However, this was down from Q4âs EPS of $0.99 and an EPS of $1.16 in Q1 of 2023.
Net revenue for the quarter was at $7.1 billion, including $4,668 million of net interest income and $2,507 million of noninterest income.
This was down compared with Q1 of 2023, which boasted a net revenue of $7,175 million including $4,668 million of net interest income and $2,507 million of noninterest income.
However, the company did have good news in the way of noninterest income and expenses.
During Q1, noninterest income increased 7.7% year-over-year and decreased 1.4% quarter-on-quarter, while noninterest expense decreased 2.7% year-over-year and 0.2% quarterly. Â Â
Return on tangible common equity was at 17.4%, down significantly from 22% in Q1 of 2023.
Upon publication of the results, U.S. Bancorp CEO Andy Cecere cited a âchallenging interest rate environment and pressure on industry deposit levelsâ, but highlighted the fact that the bank âagain saw growth in consumer deposits during the quarterâ as a positive.
Q1 average total deposits increased 0.1% on a linked quarter basis to $503,061 million, up marginally from Q4âs $502,782 but below Q1 2023âs $510,324.
U.S. Bancorp shares were flat on Wednesday morning, but had fallen 1.06% to a stock price of $41.00 by close of markets yesterday.
The post U.S. Bancorp earnings disappoint and stock price falls appeared first on Invezz
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