U.S. Bancorp Reports Record Earnings, Revenue for 2012
U.S. Bancorp said Wednesday that it wrapped up 2012 on a positive note, resulting in a record year with respect to annual earnings and revenue.
The Minneapolis-based bank-holding company said that net income climbed 5.2 percent to $1.4 billion, or 72 cents per share, for the quarter that ended December 31. Revenue, meanwhile, climbed a modest 0.2 percent from the same period a year ago, totaling $5.1 billion.
The company said its performance was driven by new lending activity, increased deposits, lower loan-loss provisions, and increased mortgage revenue, among other things. However, the quarter also included an $80 million expense stemming from a multi-bank, $8.5 billion settlement with regulators, which was announced earlier this month and pertained to improper mortgage and foreclosure practices. The settlement reduced U.S. Bancorp’s quarterly earnings by 3 cents per share.
Excluding one-time expenses, U.S. Bancorp’s earnings matched the expectations of analysts polled by Thomson Reuters.
For the full year, U.S. Bancorp reported record net income of $5.6 billion, up roughly 16 percent from 2011. Revenue, meanwhile, climbed 6.2 percent to a record $20.3 billion.
U.S. Bancorp, the parent company of U.S. Bank, is Minnesota’s largest bank-holding company based on assets, which totaled $353.9 billion at the end of 2012.
Like many of the nation’s largest banks, U.S. Bancorp had a great stock run in 2012, as its stock price climbed about 17 percent. U.S. Bancorp’s stock was trading down 0.24 percent at $33.20 Wednesday afternoon.