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US Bancorp
XMUN:UB5

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US Bancorp
XMUN:UB5
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Price: 45.51 EUR -2.38%
Market Cap: €71B

US Bancorp
Investor Relations

U.S. Bancorp is the parent company of U.S. Bank, a large American bank that takes deposits, makes loans, and handles everyday money movement for people and businesses. Its core products include checking and savings accounts, mortgages, credit cards, auto loans, business lending, treasury services, and payment processing, along with wealth management and trust services for clients with more complex financial needs. Its main customers are consumers, small and mid-sized businesses, large corporations, governments, and nonprofit groups. U.S. Bancorp makes money in two main ways: it earns interest on the loans and securities it holds, and it charges fees for services such as card processing, account services, merchant acquiring, treasury management, and investment and trust administration. What makes the company’s business model distinct is the way it combines traditional banking with a strong payments and servicing franchise. That means it is not just a lender that depends on interest income; it also acts as a financial middleman that helps clients move, store, protect, and manage money across a wide range of daily and commercial activities.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
Apr 16, 2026
AI Summary
Q1 2026

Top line: U.S. Bancorp reported first-quarter earnings per share of $1.18, up about 15% year over year, on net revenue of $7.3 billion, up 4.7%.

Momentum: Management said revenue growth was broad-based, with strength in loans, Capital Markets, Investment Services and Payments, while expenses stayed disciplined enough to generate 440 basis points of positive operating leverage.

Outlook: The company kept its full-year 2026 guidance unchanged, including 4% to 6% net revenue growth and 200 basis points or more of positive operating leverage, and said the first quarter beat its prior guidance on net interest income, fee revenue and expenses.

Growth drivers: Leaders highlighted strong commercial loan demand, stable deposit pricing, record consumer deposits, and improving fee growth in Capital Markets and Payments. They also sounded upbeat about the Amazon small business card partnership, BTIG, California and branch expansion.

Capital: Management reiterated a long-term capital distribution target of 70% to 75% and said buybacks are likely to start at $200 million per quarter, with more possible as capital builds and regulatory rules become clearer.

Margin and credit: Net interest margin was flat at 2.77% this quarter, but management still sees a path to 3.0% over time. Credit quality remained stable, and the bank said it feels comfortable with its NDFI and private credit exposures.

Key Financials
Earnings per share
$1.18
Net revenue
$7.3 billion
Net interest income
$4.3 billion
Fee income
up 6.9% year over year
Operating leverage
440 basis points
Efficiency ratio
improved by 260 basis points year over year
Return on tangible common equity
17%
Return on average assets
1.15%
Net interest margin
2.77%
Average total assets
$688 billion
Ending assets
$701 billion
Average loans
$394 billion
Investment securities
$174 billion
Noninterest expense
approximately $4.3 billion
Nonperforming assets ratio
0.38%
Net charge-off ratio
0.56%
Allowance for credit losses
nearly $8 billion
Allowance for credit losses to loans
2.0%
Common equity Tier 1 capital ratio
10.8%
Common equity Tier 1 capital ratio including AOCI
9.3%
Tangible book value per common share
increased more than 15% year over year
Noninterest-bearing deposits share
approximately 16%
Buybacks
$200 million
Long-term capital distribution target
70% to 75%
Amazon small business card loans
about $1.6 billion
Amazon small business card clients
about 70,000 co-brand clients
Amazon small business card revenue impact
$75 million to $85 million per quarter
Business credit intermediaries exposure
approximately 3% of total ending loans
Earnings Call Recording
Other Earnings Calls

Management

Mr. Andrew J. Cecere
Chairman & CEO

Andrew J. Cecere is a prominent figure in the banking industry, best known for his role as the Chairman, President, and Chief Executive Officer of U.S. Bancorp, one of the largest financial institutions in the United States. Cecere joined U.S. Bancorp in 1985 and held various significant roles across the company. Before becoming CEO in April 2017, he served as Chief Operating Officer from January 2015 to April 2017, and as Vice Chairman and Chief Financial Officer from 2007 to 2015, showcasing his extensive experience in financial management and operational oversight. As CEO, Cecere has been instrumental in guiding U.S. Bancorp through periods of growth and transformation, emphasizing the adoption of innovative technologies and a customer-centric approach. Under his leadership, the bank has continued to focus on enhancing digital banking services and expanding its reach in various financial sectors. Cecere's leadership style is often noted for its strategic focus on integrating technology with traditional banking services, aiming to provide comprehensive and efficient financial solutions to customers. His commitment to maintaining the company's strong financial health while advancing its competitive position in the market has been a hallmark of his tenure. He holds a Bachelor of Science degree in Business Administration from the University of St. Thomas and an MBA from the Carlson School of Management at the University of Minnesota. His educational background and longstanding career at U.S. Bancorp underscore his deep expertise and influence in the financial industry.

Ms. Gunjan Kedia
President and Vice Chairman of Wealth, Corporate, Commercial & Institutional Banking

Gunjan Kedia is a notable executive in the financial services industry, known for her leadership at U.S. Bancorp. She serves as the Vice Chair of Wealth Management and Investment Services at the company. With a wealth of experience in financial services, Kedia is responsible for overseeing U.S. Bancorp's investment and wealth management businesses, which include a variety of services such as investment management, wealth planning, trust, and fiduciary services. Before joining U.S. Bancorp in 2016, Kedia held significant roles at major financial institutions. She was the Executive Vice President at State Street, where she led the core investment servicing businesses across the Americas. Prior to that, she served in leadership roles at Bank of New York Mellon and McKinsey & Company, where she developed her expertise in operations, strategy, and overall management within the financial sector. Kedia is known for her strategic vision and commitment to client service and innovation in wealth management. Her leadership style emphasizes collaboration, and she is actively engaged in driving initiatives that meet the evolving needs of clients. Throughout her career, she has been an advocate for diversity and inclusion within the industry, recognizing the importance of diverse perspectives in driving business success. Gunjan Kedia holds an MBA from Indian Institute of Management Calcutta and an engineering degree from Lucknow University. Her academic background, coupled with her extensive professional experience, underlines her adept skills in steering complex financial operations and fostering sustainable growth. In addition to her role at U.S. Bancorp, Gunjan Kedia is often active in industry thought leadership and forums, contributing insights on wealth management trends and financial services innovation. Her impact on the industry has made her a respected figure in wealth management and financial services.

Mr. John C. Stern
Senior Executive VP & CFO

John C. Stern serves as the Chief Financial Officer (CFO) of U.S. Bancorp, one of the largest commercial banks in the United States. In this role, he is responsible for overseeing the financial operations of the company, including accounting, financial planning and analysis, corporate treasury, and investor relations. Stern brings a wealth of experience in financial management, having held various leadership positions within the organization. Before becoming CFO, Stern held significant roles at U.S. Bancorp, including serving as Executive Vice President of the company. His extensive knowledge of the financial sector and his strategic acumen have played a crucial role in shaping the company's financial strategies and maintaining its strong market position. Stern is recognized for his leadership skills and his deep understanding of banking operations and financial markets. His contributions have been key to U.S. Bancorp's financial health and its ability to navigate the complexities of the banking industry.

Mr. Terrance Robert Dolan
Chief Administration Officer & Vice Chair

Terrance R. Dolan is a notable executive at U.S. Bancorp, a prominent American bank holding company. He has served in various significant roles within the company, displaying a broad expertise in financial management and corporate strategy. Dolan was appointed Vice Chairman and Chief Financial Officer (CFO) of U.S. Bancorp, where he was responsible for overseeing all aspects of the company’s financial activities, including financial strategy, planning, reporting, and investor relations. With a career spanning several decades at U.S. Bancorp, Dolan has earned recognition for his strategic financial leadership and has played a vital role in driving the company's fiscal policies and growth initiatives. His experience and skills have been integral to shaping the financial direction of one of the largest financial institutions in the United States.

Mr. Shailesh M. Kotwal
Vice Chairman of Payment Services

Shailesh M. Kotwal is a prominent executive known for his role at U.S. Bancorp, where he serves as Vice Chair of Payment Services. With a robust career in the financial services sector, Kotwal is responsible for overseeing the company’s global payments strategy and solutions, which include credit and debit card services, corporate payments, and merchant services. Before joining U.S. Bancorp, he held several senior positions at other leading financial institutions such as American Express and had a significant tenure at VISA. His expertise lies in developing and enhancing payment technologies and driving strategic growth in the highly competitive payments industry. Kotwal holds a strong educational background and is recognized for his leadership and innovative approach to expanding U.S. Bancorp’s payment services both domestically and internationally.

Mr. Souheil S. Badran
Senior EVP & COO

Souheil S. Badran is a distinguished executive known for his extensive experience in the financial services and technology sectors. At U.S. Bancorp, Souheil served as the Executive Vice President and Chief Operating Officer for U.S. Bank’s Wealth Management and Investment Services division. In this role, he was responsible for driving operational efficiencies and fostering growth across its business lines. Souheil Badran has over 30 years of experience across various industries, particularly in fintech and digital payments. Prior to joining U.S. Bancorp, he held leadership positions at well-known companies such as Northwestern Mutual, where he served as the Chief Innovation Officer, leveraging technology to enhance customer experiences. He also worked with companies like First Data Corporation and Edo Interactive. Badran's expertise lies in strategic planning, operational execution, and spearheading digital transformation initiatives. He is recognized for his ability to drive innovation while maintaining a strong focus on customer-centric solutions. His leadership has been instrumental in advancing digital capabilities and optimizing operations to improve overall business performance.

Ms. Jennifer Ann Thompson C.F.A.
EVP, Head of Corporate Finance and Director of Investor Relations & Economic Analysis

Jennifer Ann Thompson, CFA, is a prominent financial analyst and executive at U.S. Bancorp. As a Chartered Financial Analyst, she holds a significant role within the organization, contributing her expertise in financial analysis and strategic decision-making. She is known for her deep understanding of market trends and her ability to provide insightful financial guidance. Her work at U.S. Bancorp involves overseeing financial operations, conducting thorough financial research, and aiding in the development of financial strategies that drive the company's growth and stability. With a strong background in finance, Jennifer Thompson plays a crucial role in maintaining the financial health and competitive position of U.S. Bancorp in the banking industry.

Mr. Dilip Venkatachari
Senior EVP and Chief Information & Technology Officer

Dilip Venkatachari is a noted business executive who has served as the Executive Vice President and Chief Information and Technology Officer at U.S. Bancorp. In this role, he was responsible for the company’s technology strategy and management, overseeing technology platforms and systems critical to driving innovation and supporting customer and business needs. Before joining U.S. Bancorp, Venkatachari built a robust career with extensive experience in technology and financial services. He worked in senior roles at companies like Facebook, where he contributed to payment systems, and at Google, focusing on payments and ad technology. Venkatachari's background also includes establishing and leading several companies in the tech and financial sectors. His entrepreneurial ventures and leadership responsibilities in major tech companies have endowed him with a rich expertise, particularly in technology development and implementation. His educational credentials include a Bachelor’s degree in electrical engineering from the Indian Institute of Technology, Madras, and a Master’s degree in computer science from Rice University. He also earned an MBA from the Massachusetts Institute of Technology (MIT) Sloan School of Management. Venkatachari's blend of technical acumen and strategic leadership has been influential in advancing U.S. Bancorp's digital transformation and technological capabilities.

Mr. James L. Chosy
Senior EVP & General Counsel

James L. Chosy is a well-regarded executive within the financial services industry, serving as an influential leader at U.S. Bancorp. He holds the position of General Counsel and Executive Vice President at U.S. Bancorp, where he is responsible for overseeing the legal functions and ensuring compliance with regulatory requirements. James L. Chosy plays a critical role in steering the company's legal and ethical direction, contributing significantly to major corporate decisions and strategies. Before joining U.S. Bancorp, Chosy gained extensive experience working in the financial industry, solidifying his expertise and reputation. He has been recognized for his leadership qualities, legal acumen, and commitment to integrity in business operations. His role extends beyond traditional legal matters, as he is instrumental in managing risk and advising on governance issues. His comprehensive understanding of both the legal landscape and financial services makes him a pivotal figure within U.S. Bancorp.

Mr. David R. Palombi
Global Chief Communications Officer - Public Affairs & Communications

David R. Palombi has served as a prominent executive at U.S. Bancorp, where he holds a key leadership position. As the Senior Executive Vice President and Chief Communications Officer, he is responsible for managing the company's corporate communications strategy, which includes oversight of public relations, internal communications, and social media initiatives. With his wealth of experience, Palombi plays a crucial role in shaping the company's public image and ensuring cohesive communication across various stakeholders. His contributions are integral to maintaining U.S. Bancorp's reputation and facilitating effective communication within the organization and with the public.

Contacts

Address
MINNESOTA
Minneapolis
800 Nicollet Mall
Contacts
+16514663000.0
www.usbank.com
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