U.S. Bancorp, the Minneapolis-based parent company of U.S. Bank, today reported record net income of $1.5 billion, or 76 cents per share, up from $1.4 billion, or 71 cents per share, in the same period a year ago.
Earnings for the second quarter of 2013 were driven by a year-over-year reduction in noninterest expense and a lower provision for credit losses.
U.S. Bancorp chairman, president and chief executive officer Richard Davis said, “Our company earned record net income of ($1.5 billion) in the second quarter, or 76 cents per diluted common share. In addition, we achieved profitability metrics that remain among the very best in our industry, including a return on average assets of 1.70 percent, return on average common equity of 16.1 percent and an efficiency ratio of 51.7 percent. I take great pride in our company’s ability to attain these record results, particularly given the current slow, albeit steady, growth we have seen in the markets we serve.”
The company has a significant presence in the Wisconsin market.