U.S. Bancorp earns 34 cents per share in 1Q

U.S. Bancorp (NYSE: USB) reported first-quarter net income of $669 million, up 27 percent from the same period a year earlier.

The Minneapolis-based bank posted earnings per diluted share of 34 cents, up from 24 cents in first-quarter 2009. According to the bank's earnings release, the increase was driven by total net revenue of $4.3 billion from growth in net interest income and fee revenue.

Net interest income totaled $2.4 billion, up from $2.1 billion a year earlier, while total noninterest income - which includes fees - was $1.9 billion, up from $1.8 billion last year.

"Total net revenue benefited from earning asset and deposit growth, as well as an expanded net interest margin, while higher fee revenue, notably in payments and corporate banking, reflected our ongoing investments and business line growth initiatives," President and CEO Richard K. Davis said in the release.

The bank had average total loans of $193 billion in the quarter, up nearly 4 percent from the year before. Total deposits were $184 billion as of March 31, while total assets were $282.4 billion.

Shares of company stock closed Monday at $27.61, compared to a 52-week range of $15.25–$28.43. Shares were trading up at $27.81 as of 9:45 a.m. Tuesday.