U.S. Bancorp Q1 2025 Summary

Net income was $1.71 billion ($1.03 per share), up 30% year-over-year. Return on tangible common equity was 17.5%, ROA 1.04%. Revenue rose 3.6% to $6.96 billion. Net interest income increased 2.7% to $4.12 billion, with a 2.72% net interest margin. Noninterest income was up 5% to $2.84 billion.

Expenses fell 5.1% to $4.23 billion (down 0.9% adjusted). Credit loss provision was $537 million, down 2.9%. Net charge-offs rose to $547 million. CET1 ratio improved to 10.8%. Average loans rose 2.1%; deposits rose 0.7%.

Segment results:
- Wealth, Corporate & Institutional: income $1.17 billion, down 8% q/q, up 4% y/y
- Consumer & Business: $398 million, down 8% q/q, down 15% y/y
- Payment Services: $340 million, up 59% q/q, up 44% y/y
- Treasury & Corporate: loss of $200 million

Loan growth came from commercial and mortgages; CRE and auto loans declined. Payment services and mortgage banking boosted fees. Expenses reflected higher marketing, tech, and comp.

U.S. Bank expanded products with State Farm and launched a new 0% APR credit card and spend management tool.