Daily News: April 17, 2012

U.S. Bank Beats Estimates, Reports 28% Increase in Net Income


U.S. Bancorp reported net income of $1,338 million for the first quarter of 2012 with earnings driven by year-over-year growth in total net revenue and a lower provision for credit losses. Highlights for the first quarter of 2012 included:

  • Strong new lending activity of $56 billion during the first quarter, including $28.9 billion of new and renewed commercial and commercial real estate commitments
  • Growth in average total loans of 6.4% over the first quarter of 2011 including growth in average total commercial loans of 17.3% over the first quarter of 2011 and 3.4% over the fourth quarter of 2011
  • Growth in quarterly average commercial and commercial real estate commitments of 25.7 percent year-over-year and 5.1 percent over the prior quarter

    To view the entire earnings release, click here.