U.S. Bancorp reported record net income of $1,474 million for the third quarter of 2012, up from $1,273 million or 15.8% higher compared to the third quarter of 2011. The bank noted that third quarter earnings were driven by record total net revenue of $5.2 billion.

Year-to-date net income was $4,227 million, up 20% compared to $3,522 million one year-ago.

The bank said that net charge-offs declined 19.6% year-over-year with provision charges of $488 million, down from $519 million in 2011.
Nonperforming commercial loans dropped from $342 million at quarter-end 2011 to $133 million at the end of the current quarter. Lease financing nonperforming loans were less than half compared to the previous year at $19 million compared to $40 million in 2011.

U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “I am very proud to announce our company’s third quarter results. U.S. Bancorp, today, reported record net income of $1.5 billion on record total net revenue of $5.2 billion. Once again, we achieved industry-leading performance metrics with returns on average assets and average common equity of 1.70% and 16.5%, respectively, as well as an efficiency ratio of 50.4%. Additionally, we posted positive operating leverage on both a year-over-year and linked quarter basis, and we achieved these results despite an economy described as only modestly growing and burdened by uncertainty.”

To read the earnings news release click here.