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# US Bancorp Delivers 32% Year-on-Year EPS Growth in Q1 2025 with Third Consecutive Quarter of Positive Operating Leverage
- URL: https://www.theglobalbanker.com/us-bancorp-delivers-32-percent-eps-growth-q1-2025-third-consecutive-positive-operating-leverage/
- Published: 2025-04-16T16:36:00.000Z
- Updated: 2026-10-02T13:56:50.000Z
- Description: U.S. Bancorp posted Q1 2025 net income of $1.71bn and EPS of $1.03, up 32% year-on-year, with 270bps of positive operating leverage and ROTCE of 17.5%.
- Author: TGB Editorial Team
- Tags: Banking News, Americas, #archive

U.S. Bancorp reported first-quarter 2025 net income of $1.71 billion and earnings per share of $1.03, a 32% improvement on the first quarter of 2024, as the Minneapolis-based bank achieved positive operating leverage for the third quarter in succession.

Net revenue for the quarter reached $6.96 billion, up 3.6% year-on-year, driven by growth across both net interest income and fee-based businesses including payments, capital markets, and trust and investment management services. The bank generated 270 basis points of positive operating leverage on a year-over-year basis, excluding notable items in the first quarter of 2024, meaning revenue growth outpaced expense growth.

#### RETURNS, MARGIN AND CREDIT

Return on tangible common equity for the quarter came in at 17.5%. The net interest margin stood at 2.72%. Fee income grew 5% year-on-year.

Chief executive Gunjan Kedia described asset quality and capital levels as strong, and the net charge-off ratio improved to 0.59% from 0.60% in the fourth quarter. 

The Common Equity Tier 1 ratio rose 20 basis points from year-end 2024 to 10.8% at the close of March. 

#### BACKGROUND

U.S. Bancorp's business spans retail banking, corporate and commercial banking, payment services, and wealth management, serving clients across a geographically diverse footprint in the Midwest and western United States. U.S. Bancorp acquired Union Bank in December 2022.