U.S. Bank hits record 4Q earnings

Minneapolis-based U.S. Bancorp (NYSE: USB) reported record profits of $1.35 billion in the fourth quarter, beating out its previous record, $1.27 billion, set in the third quarter.

Fourth-quarter results for the holding company of eight Springfield U.S. Bank branches showed profits 38.6 percent higher than the $974 million in the same quarter a year ago, according to a news release.

Earnings per diluted share were 69 cents during the quarter, a 20-cent increase compared to fourth-quarter 2010.

Fourth-quarter highlights:

• New lending activity was $70 billion, including $21.5 billion in new business and $21.7 billion in renewals in the commercial and commercial real estate sectors.
• Average total loans grew by 5.9 percent compared to the same quarter in 2010.
• Net revenue increased by 8.1 percent to $5.1 billion.

Fiscal year-end profits were $4.87 billion, a 46.9 percent increase from earnings of $3.32 billion in 2010.

"Our fourth-quarter and full-year 2011 results ... reflect the advantages derived from our diversified business model and, importantly, our ability to successfully implement our strategy and accomplish our goals," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.

U.S. Bancorp operates 3,085 banks in 25 states and has roughly 62,000 employees bankwide.

The company's shares closed Jan. 19 at $28.56, compared to its 52-week range of $20.10 to $29.42.[[In-content Ad]]