Company: USB-PA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000036104-25-000055
Chunk: 180

Company: US BANCORP \DE\
Filing Date: 2025-08-07
Form: 10-Q
Chunk 180
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 (26.6 percent), respectively, compared with the same periods of 2024.

Net revenue increased $80 million (4.5 percent) in the second quarter and $177 million (5.1 percent) in the first six months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, increased $57 million (8.5 percent) in the second quarter and $97 million (7.1 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to higher loan balances and lower funding costs, partially offset by lower loan spreads. Noninterest income increased $23 million (2.1 percent) in the second quarter and $80 million (3.9 percent) in the first six months of 2025, compared with the same periods of 2024, driven by higher merchant processing services revenue due to favorable rates and increased card revenue mainly due to higher sales volume.

Noninterest expense increased $36 million (3.6 percent) in the second quarter and $38 million (1.9 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to higher marketing and business development expense. The provision for credit losses decreased $4 million (1.0 percent) in the second quarter and $46 million (6.2 percent) in the first six months of 2025, compared with the same periods of 2024, primarily due to improved portfolio mix and stabilizing credit quality.

Treasury and Corporate Support Treasury and Corporate Support includes the Company’s investment portfolios, funding, capital management, interest rate risk management, income taxes not allocated to the business segments, including most investments in tax-advantaged projects, and the residual aggregate of those expenses associated with corporate activities that are managed on a consolidated basis. Treasury and Corporate Support recorded net losses of $67 million in the second quarter and $303 million in the first six months of 2025, compared with net losses of $362 million and $880 million, respectively, in the same periods of 2024.

Net revenue increased $192 million (67.8 percent) in the second quarter and $546 million (94.5 percent) in the first six months of 2025, compared with the same periods of 2024. Net interest income, on a taxable-equivalent basis, increased $167 million (36.2 percent) in the second quarter