U.S. Bancorp reported its financial results for the third quarter of 2024, highlighting a net income of $1.7 billion, or $1.03 per diluted common share, representing a 13.0% increase from $1.5 billion, or $0.91 per diluted common share, in the same quarter of 2023. However, total net revenue for Q3 2024 decreased by 2.4% to $6.9 billion, down from $7.0 billion in Q3 2023. This decline was attributed to reductions in both net interest income and noninterest income.
Net interest income for the quarter was reported at $4.1 billion, a decrease of 2.4% from $4.2 billion in Q3 2023. The decline was primarily influenced by higher interest rates affecting the deposit mix and pricing. Similarly, noninterest income fell to $2.7 billion, down 2.4% from $2.8 billion in the prior year, impacted by net losses on investment securities sales and lower service charges.
On the expense side, noninterest expenses decreased to $4.2 billion, a reduction of 7.2% from $4.5 billion in Q3 2023. This decrease was mainly due to lower merger and integration charges compared to the previous year. The provision for credit losses increased to $557 million, up 8.2% from $515 million in Q3 2023, reflecting higher net charge-offs of $564 million compared to $420 million in the prior year.
For the first nine months of 2024, U.S. Bancorp's net income remained stable at $4.6 billion, or $2.77 per diluted common share, compared to $4.6 billion, or $2.79 per diluted common share, for the same period in 2023. Total assets as of September 30, 2024, were $686.5 billion, marking a 3.5% increase from $663.5 billion at the end of 2023. Total deposits also rose to $521.1 billion, up from $512.3 billion at December 31, 2023, reflecting a growth of 1.7%.
The allowance for credit losses was reported at $7.9 billion as of September 30, 2024, slightly up from $7.8 billion at the end of 2023, driven by credit migration in consumer and small business cards. Additionally, the common equity tier 1 capital ratio improved to 10.5% at September 30, 2024, compared to 9.9% at December 31, 2023.
About US BANCORP \DE\
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