With the second-oldest active banking charter in the United States, U.S. Bancorp has long been a trusted financial partner. And while we have longevity, we’ve also remained relevant. We’ve invested in digital capabilities like artificial intelligence to create the types of experiences today’s consumers – our clients and team members – expect. We’ve acquired scale, optimized our distribution and developed strategic partnerships that have expanded our reach. We’ve strategically grown our product set to meet the growing needs of our clients. While these moves have required financial investment in recent years, they’ve positioned us for long-term growth and efficiency in the years ahead. They’ve also positioned us to add value for clients and you, our shareholders. In 2024, we strengthened this base, executing with focus and the future in mind.

Strong financial position

In 2024, we built on our strong capital base with levels above the “well-capitalized” requirements. We grew our CET1 capital ratio1 to 10.6% as of December 31, 2024, and we maintained a robust liquidity profile with abundant cash levels and low-cost borrowing capacity.

Disciplined risk management

Our integrated approach to risk has delivered a proven record throughout economic cycles. We’re disciplined with our underwriting, and that drives predictable credit performance with net charge-off rates that typically outperform our peers. We proactively manage credit risk on a through-the-cycle basis. And we’re equipped to meet increasing regulatory expectations while enabling business growth through effective change management and enterprise risk management routines.  

Sustainable earnings power

Our diversified and unique business model has delivered consistent results even in challenging environments, thanks to a unique mix of fee income businesses supporting our short- and long-term growth. In 2024, fee income represented 41% of U.S. Bancorp total net revenue.2

10.6%

CET1 capital ratio1

17.2%

Return on tangible 
common equity3

41%

Fee income as a percent of 
total net revenue2

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Disclosures

  1. As of December 31, 2024; Common equity tier 1 capital to risk-weighted assets, calculated in accordance with transitional regulatory requirements related to the current expected credit losses methodology.

  2. Represents non-interest income, excluding $154 million of securities losses, as a percentage of total net revenue on a taxable-equivalent basis for the year ended December 31, 2024.

  3. For full year 2024. Non-GAAP financial metric. See Non-GAAP Financial Measures for reconciliation beginning on page 57.