U.S. Bancorp 2Q profits exceed $1 billion

Minneapolis-based U.S. Bancorp (NYSE: USB), holding company for 10 area U.S. Bank branches, recorded second-quarter net income of $1.2 billion, a 57 percent increase compared to fiscal 2010 second-quarter net income of $766 million.

The company earned 60 cents per diluted share during the quarter ended June 30, 15 cents higher than the same quarter last year, according to a news release.

"Our second-quarter results clearly illustrate our company's continuing ability to produce solid, repeatable and high quality earnings in a challenging environment," U.S. Bancorp Chairman, President and CEO Richard Davis said in the release.

Second-quarter highlights:

• Net revenue was $4.7 billion.
• New lending activity was $52.7 billion, comprising $16.1 billion in new commercial and commercial real estate loans; $21.6 billion in commercial and commercial real estate renewals; $2 billion in lines related to new credit card accounts; and $13 billion in mortgage and other retail accounts.
• Total loans were $199.9 billion as of June 30.
• Deposits were $209.4 million in the quarter, compared to $183.3 million in the same quarter of fiscal 2010.

U.S. Bancorp's assets were $320.9 billion as of June 30.

The company manages 3,086 banks in 25 states and more than 5,000 automated teller machines.

U.S. Bancorp shares were trading at $26.72 as of 10:06 a.m., compared to a 52-week range of $20.44 to $28.94.[[In-content Ad]]