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US Bancorp 2012 net income surges by 15.9% to $5.64bn

US Bancorp has reported net income of $5.64bn, or $2.84 per diluted common share, for full year 2012, with an increase of 15.9%, compared to $4.87bn, or $2.46 during the comparable period last fiscal.

For the year ended on 31 December 2012, its total net revenue stood at $20.3bn, up by 6.2% from $19.1bn during the same period a year ago.

US Bancorp chairman, president and chief executive officer Richard Davis said that in 2012 the bank achieved record annual earnings of $5.6bn, or $2.84 per diluted common share.

"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," Davis added.

Wholesale Banking and Commercial Real Estate segment net income was $1.29bn, with an increase of 22.9% from $1.05bn during the corresponding period earlier year.

Consumer and Small Banking Segment net income surged by 71% to $1.33bn compared to $780m, while Wealth management and Securities segment net income was $171m, down by 5% from $180m year-over-year.

Payment Services net income slashed by 4.5% to $1.26bn, against $1.32bn, while Treasury and Corporate Segment net income surged by 3.1% to $1.58bn compared to $1.53bn during the same period last year.

Minneapolis-based US Bancorp provides banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.