Minneapolis-based U.S. Bancorp reported that its first quarter earnings rose 6.7 percent. Net earnings rose to $1.43 billion, or 73 cents per share, for the first quarter ended March 31, from $1.34 billion, or 67 cents per share, a year earlier.
However, revenue for the quarter fell 1.1 percent to $4.87 billion.
Other highlights for U.S. Bank’s first quarter included: a return on average assets of 1.65 percent, new lending activity of $57.3 billion during the first quarter including $27.1 billion of new and renewed commercial and commercial real estate commitments, 5.8 percent growth in average total loans and 7.3 percent growth in average deposits.
“Our first quarter earnings…reflected our company’s continuing ability to perform against the backdrop of a slow-growth, uncertain economic environment,” said U.S. Bancorp chairman, president and chief executive officer Richard K. Davis. “As we begin celebrating the 150th anniversary of our company, we reflect on the many institutions, customers, communities and employees that were important to our past and have helped create our future. Our company has expanded from small beginnings to where we are today – a company recognized for our industry-leading financial performance, prudent risk management, capital generation, and a diversified business model, and a company that serves and supports its customers, communities and employees. I look forward to our strong future, knowing that we have built U.S. Bancorp to produce consistent, predictable and repeatable results for the benefit of all of our constituents and, most importantly, our shareholders.”
U.S. Bank has a significant presence in the Wisconsin market.