U.S. Bancorp records double-digit earnings growth

Net income in the fourth quarter of 2005 totaled $1.14 billion, or 62 cents per diluted share. That's up 8.2 percent from the same period in 2004 but down 1 percent from the third quarter of 2005.

For the year, net income hit a new record at $4.49 billion, up 7.7 percent from 2004. Earnings per share for the year totaled $2.42, up 11 percent from the previous year.

“This is the fourth consecutive year that we have exceeded our long-term goal of 10 percent earnings per share growth,” said Jerry A. Grundhofer, U.S. Bancorp chairman and CEO, in a news release.

Net interest income for the fourth quarter was down 0.8 percent to $1.79 billion, reflecting the current lending environment and asset/liability management decisions. For the year, net interest income dropped 0.7 percent to $7.09 billion.

Shares of U.S. Bancorp (NYSE: USB) closed Jan. 19 at $29.64, compared to a 52-week range of $26.80 to $31.21.