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US Bancorp reports 6.7% rise in Q1 2013 net income

US Bancorp has reported net income of $1.428bn attributable to the company for the first quarter of 2013, with an increase of 6.7% compared to $1.33bn during the corresponding period earlier year.

For the latest quarter period, the bank’s diluted earnings per common share stood at $.73, up by $.06 compared to $0.68 during the same period a year ago.

Return on average assets and return on average common equity were 1.65% and 16%, respectively, compared to 1.6 % and 16.2%, respectively, during the first quarter of last year.

Total net revenue on a taxable-equivalent was $4.87bn, down by $55m (1.1%) from $4.92bn during the same quarter period, which reflects 3.3% decline in noninterest income, partially offset by a .7% increase in net interest income.

Wholesale Banking and Commercial Real Estate contributed $332m of the company’s net income, while wealth management and securities services added $35m compared to $45m during the same period earlier year.

Payment Services, which includes consumer and business credit cards, stored-value cards, debit cards, corporate and purchasing card services, contributed $254m of the company’s net income, versus $253m during the comparable period last fiscal.

Minneapolis-based US Bancorp manages 3,080 banking offices in 25 states and 5,056 ATMs and offers a various banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions.