U.S. Bancorp reports Q1 net interest margin 2.70% vs. 3.10% last year

In Q1: Noninterest income increased 7.7% year-over-year and decreased 1.4% on a linked quarter basis, as adjusted for notable items. Noninterest expense decreased 2.7% year-over-year and 0.2% on a linked quarter basis, as adjusted for notable items. Average total loans decreased 0.5% and average total deposits increased 0.1% on a linked quarter basis. Return on tangible common equity of 17.4%, return on average assets of 0.93%, and efficiency ratio of 62.5%, as adjusted for notable items. CET1 capital ratio of 10.0% at March 31, 2024, compared with 9.9% at December 31, 2023.