Compelo Banking is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

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.