Company: USB-PA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0000036104-25-000028
Chunk: 38

Company: US BANCORP \DE\
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 7
Chunk 38
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 to deposits and loans during the second quarter of 2024. Prior period results were restated and presented on a comparable basis. Wealth, Corporate, Commercial and Institutional Banking Wealth, Corporate, Commercial and Institutional Banking provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment related services to wealth, middle market, large corporate, commercial real estate, government and institutional clients. Wealth, Corporate, Commercial and Institutional Banking contributed $1.2 billion of the Company’s net income in the first quarter of 2025, or an increase of $45 million (4.0 percent) compared with the first quarter of 2024. Net revenue decreased $112 million (3.7 percent) in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, decreased $167 million (8.7 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to the impact of deposit mix. Noninterest income increased $55 million (4.9 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to business growth and favorable market conditions across most categories. Noninterest expense decreased $42 million (3.0 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to lower compensation and employee benefits expense. The provision for credit losses decreased $131 million (92.9 percent) in the first quarter of 2025, compared with the first quarter of 2024, primarily due to improved credit quality and portfolio mix. Consumer and Business Banking Consumer and Business Banking comprises consumer banking, small business banking and consumer lending. Products and services are delivered through banking offices, telephone servicing and sales, online services, direct mail, ATMs, mobile devices, distributed mortgage loan officers, and intermediary relationships including auto dealerships, mortgage banks, and strategic business partners. Consumer and Business Banking contributed $398 million of the Company’s net income in the first quarter of 2025, or a decrease of $71 million (15.1 percent) compared with the first quarter of 2024. Net revenue decreased $137 million (5.9 percent) in the first quarter of 2025, compared with the first quarter of 2024. Net interest income, on a taxable-equivalent basis, decreased $120 million (6.4