U.S. Bancorp (USB) Investor presentation summary

Franchise overview and business mix

• Fee income accounts for approximately 42% of total net revenue, with diversified contributions from payment services, consumer & business banking, and wealth, corporate, commercial & institutional banking.

• Total assets stand at $688B, with $565B in assets under management and $515B in deposits.

• The client base includes about 13 million consumers, 1.4 million businesses, and 480,000 wealth clients.

Financial performance and targets

• Return on average assets reached 1.15% in 1Q26, with a medium-term target of 1.15% to 1.35%.

• Return on tangible common equity was 17.0% in 1Q26, targeting high teens over the medium term.

• Fee revenue grew 6.9% YoY in 1Q26, with a mid-single digit growth target.

• Efficiency ratio improved to 58.2% in 1Q26, aiming for mid-to-high 50s.

Balance sheet and capital management

• CET1 capital ratio remained stable at 10.8% as of 1Q26, with 9.3% including AOCI.

• Average loan growth was 3.8% YoY, with consumer deposits up 2.7% YoY.

• Basel III finalization is expected to reduce risk-weighted assets by 5–7%, supporting normalized capital deployment.

• $200 million in common stock repurchases completed in the quarter.