U.S. Bancorp reports fourth quarter 2023 results

January 17, 2024
U.S. Bank sign on a branch

Results include net income of $1,627 million and diluted earnings per common share of $0.99, as adjusted for notable items


  • Net revenue of $6,762 million, as reported, $6,880 million as adjusted for notable items, including $4,142 million of net interest income on a taxable-equivalent basis
  • Net income of $1,627 million and diluted earnings per common share of $0.99, as adjusted for notable items
  • CET1 capital ratio of 9.9% at December 31, 2023, compared with 9.7% at September 30, 2023
  • Notable items, on a pretax basis, consist of $118 million of balance sheet optimization charges, $171 million of merger and integration-related charges related to the acquisition of MUFG Union Bank ("MUB"), $734 million Federal Deposit Insurance Corporation ("FDIC") special assessment and a $110 million charitable contribution to fund obligations under the Community Benefit Plan, partially offset by favorable tax settlements
  • Return on average assets of 0.99%, return on average common equity of 12.9%, and efficiency ratio of 61.1%, as adjusted for notable items
  • Noninterest income increased 12.1% year-over-year and decreased 0.9% on a linked quarter basis, as adjusted for notable items
  • Average total loan growth of 3.6% year-over-year and a decrease of 1.1% on a linked quarter basis
  • Average total deposit growth of 4.3% year-over-year and a decrease of 1.9% on a linked quarter basis

Full financial details

Full financial details available here.

CEO commentary

U.S. Bancorp Chairman, President and CEO Andy Cecere said, “In the fourth quarter, we reported diluted earnings per share of $0.99, excluding $(0.50) of notable items. This quarter we generated net revenue of $6.8 billion and increased our tangible book value per share to $22.30, an increase of 7% linked quarter. Full year results showcased solid fee revenue growth, prudent expense management, and the accretion of common equity tier 1 capital of 150 basis points, giving us a CET1 ratio of 9.9% as of December 31, 2023. We also met our goal this year of achieving full run-rate cost synergies of $900 million with the Union Bank acquisition.

Looking ahead, we are making good progress on revenue growth opportunities with Union Bank and effectively managing the balance sheet for continued capital-efficient growth as we maintain our disciplined, through-the-cycle approach to credit risk management. In many ways, both fourth quarter and full year results highlighted the benefits of our well-diversified business model, enhanced scale, and operational resiliency, as we remained focused on delivering shareholder value.

In what has been a meaningful year for the Company, I want to thank all of our employees for their valuable contributions and dedicated efforts to best serving our clients, communities and shareholders.”


George Andersen, U.S. Bancorp Investor Relations, 612.303.3620

Jeff Shelman, U.S. Bank Public Affairs and Communications, 612.303.9933

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