U.S. Bancorp caps record quarter

U.S. Bancorp, the Minneapolis-based parent company of U.S. Bank, 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.”

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The company has a significant presence in the Wisconsin market.

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