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US Bancorp Q1 earnings slip

US Bancorp has reported a net income of $1.09 billion for the first quarter of 2008, down 3.5% compared with the earnings of $1.13 billion for the same quarter of 2007.

Return on average assets and return on average common equity were 1.85% and 21.3%, respectively, for the first quarter of 2008, compared with the returns of 2.09% and 22.4%, respectively, for the comparable quarter of 2007.

For the quarter, total net revenues were $3.87 billion, up 14% from $3.39 billion recorded during the corresponding quarter of 2007.

US Bancorp said that several significant items were reflected in the company’s quarterly results, including a $492 million gain related to the Visa initial public offering that occurred in March of 2008 and $253 million of impairment charges on structured investment securities purchased in the fourth quarter of 2007 from certain money market funds managed by an affiliate.

Richard Davis, chairman, president and CEO of US Bancorp, said: Our company’s first quarter results reflected the disciplined approach we have taken toward managing credit and operating risk, while prudently investing for growth. Although the quarter included a number of significant items, the net impact to diluted earnings per share was small and our core operating results were solid.