Key facts
- U.S. Bancorp reported record quarterly revenue of $7.71 billion.
- Net interest income increased 7.7% year-over-year to $4.36 billion.
- Average loan growth was 7.1%, with strength in commercial, credit card, and commercial real estate loans.
- Total fee revenue rose 13.2% to $3.37 billion.
- Capital markets revenue saw a 62.5% surge to $512 million, boosted by the BTIG acquisition.
- Profit attributable to U.S. Bancorp increased 20% to $2.18 billion.
U.S. Bancorp announced record quarterly revenue, driven by a 7.7% increase in net interest income to $4.36 billion, fueled by 7.1% average loan growth across commercial, credit card, and commercial real estate segments. Total fee revenue jumped 13.2% to $3.37 billion. The bank's acquisition of investment bank BTIG for up to $1 billion contributed to a 62.5% surge in capital markets revenue to $512 million. Overall, net revenue rose 10.1% to $7.71 billion, with profit attributable to U.S. Bancorp climbing 20% to $2.18 billion. CEO Gunjan Kedia noted a third consecutive quarter of record consumer deposits and improving credit quality.