or login to your SBJ.net account
Forgot your password or username?
U.S. Bank records $1.4B second-quarter earnings
Wednesday, August 08, 2012 6:59 AM
U.S. Bancorp (NYSE: USB) recorded second-quarter net income of $1.4 billion, a 17.6 percent increase from $1.2 billion earnings in the same quarter of 2011.
The Minneapolis-based holding company, which operates eight U.S. Bank branches in Springfield, reported diluted earnings per share of 71 cents, an 11-cent uptick compared to second-quarter 2011, according to a news release.
"Our company’s record earnings this quarter demonstrate the benefits we have derived from our diverse business mix and adherence to a straightforward approach to doing business," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.
Second-quarter financial notes:
U.S. Bancorp's net loans totaled $211.5 billion, driven partly by new lending activity of $67.2 billion.
The company's Tier 1 capital was $30 billion, up from $27.8 billion.
Noninterest income rose 9.7 percent to $2.4 billion, and noninterest expense increased 7.3 percent to $2.6 billion.
Deposits were $241.3 billion at the end of the quarter, a 12.3 percent increase compared to deposits of $214.9 billion at the end of second-quarter 2011.
As of June 30, U.S. Bancorp had $353.1 billion in assets, $314.3 billion in liabilities and operated 3,080 branches in 25 states, the release said.
The company's shares were trading at $32.83 as of 9:40 a.m., compared to a 52-week range of $20.10 to $34.10.
SEARCH SPONSORED BY
Natural gas discovery could be largest ever
Open For Business: Unbelievabubble Soccer
Ophelia’s, Finnegan’s Wake owners to open new venture
NYPD to Marvel: Get Spider-Man out of Times Square
China arrests nearly 200 in stock market crackdown
Ashley Madison CEO steps down
Denny's proposes Burger King peace burger mashup
Netflix loses 'Hunger Games' and 'Transformers' to Hulu
Fiat Chrysler CEO again pushes merger with GM
St. Louis aldermen give final approval to $11 minimum wage by 2018
Opinion/Letters to the Editor
© 2015 Springfield Business Journal, Springfield, Missouri. All Rights Reserved. To contact SBJ, call (417) 831-3238.
Software © 1998-2015 1up! Software, All Rights Reserved