U.S. Bancorp reported record full-year net income of $5.6 billion in 2012, up 15.9 percent from 2011.
The Minneapolis-based parent company of U.S. Bank reported record diluted earnings per share of $2.84, up 15.4 percent from the previous year, and record full-year total net revenue of $20.3 billion, up 6.2 percent from 20111.
Net income attributable to U.S. Bancorp for the fourth quarter was $1.4 billion, up 5.2 percent from a year ago. The company’s diluted earnings per common share was 72 cents, up from 69 cents a year ago.
U.S. Bancorp chairman, president and chief executive officer Richard Davis said, “2012 was a great year for our Company, as we achieved record annual earnings of $5.6 billion, or $2.84 per diluted common share. Further, our 2012 full year results included record total net revenue of $20.3 billion, representing growth in net interest income and fee revenues, as well as controlled expenses. Additionally, we achieved positive operating leverage for both the year-over-year quarter and full year. Our returns on average assets and average common equity for 2012 of 1.65 percent and 16.2 percent, as well as our efficiency ratio of 51.5 percent, surpassed our performance in 2011 and remain industry-leading.”
Looking ahead, Davis said, “On July 13, 2013, U.S. Bank will celebrate its 150th anniversary. Our institution operates under the national charter, signed in 1863, that originally formed the First National Bank of Cincinnati. Since then, our Company has expanded through organic growth and through numerous acquisitions. We have managed through times of prosperity and through times of hardship. We have focused our efforts externally on growth and development and, when necessary, we have focused internally to right the course. Our past has shaped our present and our future. We are a Company with a well diversified business model, prudent risk management and an ability to produce consistent, predictable, repeatable results. We are always mindful of the responsibility we hold to help our customers achieve their financial goals, while supporting and strengthening the communities, and this country, that we serve. We are, once again, stronger and better than we were one year ago. We are focused on the future and continuing to build momentum into 2013 and beyond all for the benefit of our customers, employees, communities and, importantly, our shareholders.”