Minneapolis-based U.S. Bancorp today reported first quarter net income of $1.3 billion, or 67 cents per share, up from $1.0 billion, or 52 cents per share, in the same period a year ago.
Earnings for the most recent quarter were driven by year-over-year growth in total net revenue and a lower provision for credit losses.
U.S. Bancorp chairman, president and chief executive officer Richard Davis said the company’s quarterly results demonstrate that the momentum the firm has established and built over the past several years is continuing to drive performance in 2012. The company’s rise in earnings was driven by revenue growth and improving credit costs, Davis said.
The company owns the U.S. Bank tower in downtown Milwaukee.
