US Bancorp (USB) Q4 profit rises on higher revenues, beats estimates

U.S. Bancorp (NYSE: USB) Thursday reported an increase in revenue and profit for the fourth quarter of 2024. Earnings also came in above analysts’ forecasts.

Total net revenue increased 3.7% from last year to $7.0 billion in the December quarter. At $33.19, book value per share was up 6.6% year-over-year.

Earnings, excluding special items, rose to $1.07 per share in Q4 from $0.99 per share in the corresponding period of 2023. The bottom line exceeded expectations. Net income attributable to shareholders was $1.66 billion or $1.01 per share in the fourth quarter, compared to $847 million or $0.49 per share in the prior-year quarter.

“As we move into 2025, we are well positioned to deliver industry-leading returns on tangible common equity and remain confident in our strategy for future growth and our ability to deliver meaningful positive operating leverage,” said the bank’s CEO Andy Cecere.

Prior Performance

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