U.S. Bancorp Reports Record Q2 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:
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.