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Continued: Lending spurt accelerates second quarter profit for U.S. Bancorp

  • Article by: ADAM BELZ , Star Tribune
  • Last update: July 17, 2014 - 5:39 AM

U.S. Bank has 98 branches in the Twin Cities and employs 10,000 people in the metro area.

The bank’s performance ratios continued to be among the highest among major U.S. banks, with a return on assets of 1.6 percent and a return on equity of 15.1 percent.

“They are the most efficient bank in the industry,” George said.

U.S. Bank also announced a $200 million settlement with the U.S. Department of Justice relating to the endorsement of mortgage loans under the Federal Housing Administration’s insurance program.

Separately, it recorded a $214 million gain in the quarter from the sale of shares in Visa Inc. The two one-time items netted out and didn’t affect the company’s bottom line.

 

Adam Belz • 612-673-4405



 

  • related content

  • Minneapolis-based U.S. Bancorp said Wednesday that its second-quarter lending to businesses rose 12.4 percent over the same period in 2013.

  • Davis

  • U.S. Bank, with 98 branches in the Twin Cities, is “the most efficient bank in the industry,” according to David George, an analyst at Robert W. Baird in St. Louis.

  • U.S. Bancorp 2014 2nd quarter earnings

    2014 2013

    Inter. inc. $3,047.0 $3,038.0 +0.3

    Nonint. inc. 2,444.0 2,276.0 +7.4

    Income 1,495.0 1,484.0 +0.7

    Net/cm 1,427.0 1,405.0 +1.6

    Earn/share 0.78 0.76 +2.6

    6 months

    Inter. inc. $6,069.0 $6,149.0 –1.3

    Nonint. inc. 4,552.0 4,441.0 +2.5

    Income 2,892.0 2,912.0 –0.7

    Net/cm 2,758.0 2,763.0 –0.2

    Earn/share 1.51 1.49 +1.3

    Figures in millions except for earnings per share.

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