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US Bancorp Q4 net income down

Q4’s earnings is below the same quarter of 2007 and that of 2008

US Bancorp has reported a net income of $330 million, or $0.15 diluted earnings per common share, for the fourth quarter of 2008, compared to a net income of $942 million, or $0.53 diluted earnings per common share, during the corresponding quarter of 2007.

For the fourth quarter of 2008, the company posted total net revenue of $3.62 billion, up 7.3% from $3.57 billion in the corresponding quarter of 2007.

For 2008, the company reported net income of $2.94 billion, or $1.61 diluted earnings per common share, compared to a net income of $4.32 billion, or $2.43 diluted earnings per common share, in 2007. For full year 2008, the company’s total net revenue increased by 4.4% to $14.67 billion from $14.06 billion in the 2007.

Richard Davis, chairman, president and CEO of US Bancorp, said: The results were marked by outstanding growth in loans and deposits and an expanded net interest margin, but tempered by the unfavourable impact of higher credit losses and securities impairments. Fourth quarter’s earnings per diluted common share of $0.15 were below both the same quarter of 2007 and the prior quarter of 2008.