U.S. Bancorp reported net income of $1,420 million for the fourth quarter of 2012, up from $1,350 million for the same quarter in 2011. The bank said its $5,647 million of net income for full year 2012 was a record, up from $4,872 million or 15.9% compared to 2011.

The bank said its provision for credit losses of $443 million and $1,882 million in the fourth quarter and full year, respectively were down from $497 million and $2,343 million in the same periods one year-ago.

Other highlights for the fourth quarter of 2012 included strong new lending activity of $71.5 billion during the fourth quarter, including: $39.8 billion of new and renewed commercial and commercial real estate commitments; growth in average total commercial loans of 15.7% over the fourth quarter of 2011 and 2.8% sequentially.

To read the U.S. Bancorp news release click here.