U.S. Bancorp reported net income of $1.35 billion for the fourth quarter of 2011, or $0.69 per diluted common share, up 38.6% compared to $974 million in the same quarter last year. Analysts polled by Thomson Financial had expected EPS of $0.63.

The bank said earnings for the fourth quarter of 2011 were driven by year-over-year growth in total net revenue of 8.1% and a lower provision for credit losses. The loss provision charge of $497 million in the fourth quarter was down from $912 million or 45.5% lower compared to the same quarter last year. Net charge-offs in the fourth quarter were $622 million compared to $937 million the same quarter in 2010.

U.S. Bancorp said full year net income was $4.87 billion, up from $3.32 billion or 47% higher compared to 2010. The bank noted that the full year provision charge of $2.34 billion was 46.2% lower compared to loan loss charges of $4.36 billion in the previous year.

U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “Throughout 2011, we remained focused on execution – prudently managing our businesses, investing in our franchise and producing consistent, solid growth and earnings. Today, I am very proud to report our fourth quarter and full year 2011 results, as they reflect the advantages derived from our diversified business model and, importantly, our ability to successfully implement our strategy and accomplish our goals.”

To read the full U.S. Bancorp earnings news release: click here.