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US Bancorp Q4 net income surges

US Bancorp has reported a net income of $1.31bn, or $0.69 diluted earnings per share, for the fourth quarter of 2011, compared to $951m, or $0.49 diluted earnings per share, for the same period in 2010.

The fourth quarter of 2011 results included a $263m merchant settlement gain, partially offset by a $130m accrual related to mortgage servicing matters and these two items increased fourth quarter 2011 diluted earnings per common share by $.05.

The total net revenue for the fourth quarter of 2011 was $5.1bn, up 8.1%, compared to $4.72bn for the same period a year ago.

Net interest income rose 7% to $2.67bn, compared to $2.5bn for the same period in the previous year.

US Bancorp chairman, president and CEO Richard Davis said that earnings for the quarter and 2011 were driven by record revenue, reduced credit costs and our on-going dedication to operating efficiency.

"The fourth-quarter and full-year results reflect the advantages derived from our diversified business model, and, importantly, our ability to successfully implement our strategy and accomplish our goals," added Davis.