U.S. Bancorp Reports Record Q2 Earnings
Published July 19, 2012
Categories: Recent Earnings
U.S. Bancorp reported record net income of $1.4 billion for the second quarter of 2012, up from $1.2 billion in the same year-ago quarter. Total net revenue was $5.1 billion, up from $4.9 billion sequentially and $4.7 billion in the same quarter last year.
The bank said earnings for the second quarter of 2012 were driven by year-over-year growth in total net revenue and a lower provision charge for credit losses.
Highlights from the news release included:
· Strong new lending activity of $67.2 billion during the second quarter including: $36.7 billion of new and renewed commercial and commercial real estate commitments.
· Growth in average total commercial loans of 19.9% over the second quarter of 2011 and 5.1% over the first quarter of 2012.
· Net charge-offs and non-performing assets declined on a linked quarter and year-over-year basis. Provision for credit losses was $50 million less than net charge-offs.
· Early and late state loan delinquencies as a percentage of ending loan balances declined in the majority of loan categories.
U.S. Bancorp chairman and president and CEO Richard K. Davis said, “I am exceptionally proud of our company’s second-quarter 2012 results… Further, our performance metrics remained industry leading and within the range of our long-term objectives, with a return on average assets of 1.67%, a return on average common equity of 16.5% and an efficiency ratio of 51.1%.
To read U.S. Bancorp’s press release in its entirety, click here.