U.S. Bancorp quarterly earnings reach $1.15B

The Minneapolis-based company had record net income of $1.15 billion, or 63 cents per share – a 10.5 percent increase from 57 cents during the same quarter last year. Net income in first-quarter 2005 was $1.07 billion.

“Year-over-year, this quarter’s results were driven by very good growth in our fee-based businesses, as well as lower credit costs,” said Jerry A. Grundhofer, U.S. Bancorp chairman and CEO, in a news release.

Grundhofer also attributed the increase to strong credit quality and the near-term impact of bankruptcy legislation at the end of 2005.

Net interest income declined 1.5 percent to $1.73 billion, while noninterest income grew 16.8 percent to $1.6 billion.

U.S. Bancorp shares (NYSE: USB) closed April 20 at $30.60, compared to a 52-week range of $26.80 to $31.31.