U.S. Bancorp Beats Q1 Estimates, CEO Says 'Revenues Outpaced Expenses'

U.S. Bancorp USB reported first-quarter earnings per share of $1.03 on Wednesday, which beat the analyst consensus estimate of 98 cents.

The parent company of U.S. Bank reported quarterly revenues of $6.95 billion. It outpaced the analyst consensus estimate of $6.91 billion.

Adjusted Net interest income rose 2.7% year over year to $4.092 billion. The company reported quarterly net interest margin of 2.72%, an increase of 2 basis points on a year-over-year basis, and a one basis point increase on a linked quarter basis. Noninterest income jumped 5% year over year to $2.836 billion.

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“We managed expenses with discipline and delivered 270 basis points of positive operating leverage on an adjusted basis – our third consecutive quarter of yearover-year growth in revenues outpacing expenses,” said U.S. Bancorp CEO Gunjan Kedia.

U.S. Bancorp’s average total loans increased 2.1% on a year-over-year basis and 0.9% on a linked quarter basis.

The company’s provision for credit losses fell 2.9% year over year to $537 million largely driven by improved credit quality and portfolio mix.

CET1 capital ratio was 10.8% at March 31, 2025, compared with 10.6% at December 31, 2024.

“As we navigate macroeconomic uncertainties, we will continue to manage the bank with strong risk management capabilities,” Kedia added.

Price Action: USB shares are trading higher by 1.40% to $39.17 premarket at last check Wednesday.

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