US Bancorp 1Q profit up 28 percent on loan growth

  • Article by: JIM BUCHTA
  • Star Tribune
  • April 17, 2012 - 8:24 AM

Minneapolis-based U.S. Bancorp reported a 28 percent increase in net income during the first quarter, citing a surge in new lending and lower credit costs as factors.

The company said that first-quarter net income was $1.29 billion, producing earnings of .67 cents per share, slightly ahead of analyst expectations, but down slightly from .69 cents during the previous quarter on income of $1.31 billion.

Income was up compared with the same quarter in 2011, when revenue stood at $1 billion or .52 cents a share.

Total net revenues were up 9 percent from the previous quarter, and mortgage revenue growth alone more than doubled to $452 million.

The company's president and CEO, Richard Davis, cited improving economic conditions. "The slow, but steady, economic recovery contributed to the continued improvement in our credit quality this quarter," he said.

Jim Buchta • 612-673-7376

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