U.S. Bancorp reported net income of $1,046 million for the first quarter of 2011 compared to $669 million in the first quarter last year. The bank said earnings in the first quarter of 2011 were driven by year-over-year growth in total net revenue and a reduction in the provision for credit losses.

The provision for credit losses in the first quarter was $755 million, down from $1,310 million or 42.4% lower compared to the same quarter in 2010. The bank noted this was the sixth consecutive quarterly decrease in the provision for credit losses.

U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “Our results for the first quarter of 2011 reflected our proven business model during a recovering, yet still uncertain, economic environment. Total net revenue grew by 4.6 percent over the first quarter of 2010, and we achieved year-over-year average loan growth of 2.4 percent and linked quarter average loan growth of just over one percent. Deposit growth was exceptionally strong. The growth in total net revenue and significantly lower credit costs resulted in earnings of over $1.0 billion for the quarter.”

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