U.S. Bancorp reported full-year 2024 net income of $6.3 billion, or $3.79 per diluted share, alongside net revenues of $27.5 billion for the year. The Minneapolis-based bank disclosed the results in its fourth-quarter and full-year 2024 earnings release published on 16 January 2025.
Return on average common equity came in at 11.7 per cent for the full year.
CET1 CAPITAL RATIO IMPROVES TO 10.6%
The Common Equity Tier 1 capital ratio improved to 10.6 per cent by year-end 2024, a development that management highlighted as evidence of ongoing capital accumulation. U.S. Bancorp acquired MUFG Union Bank in late 2022.
BUSINESS LINES
U.S. Bancorp's diversified business model spans consumer and business banking, wealth management and investment services, payment services — which includes merchant processing, corporate payment solutions, and consumer cards — and corporate and commercial banking.