U.S. Bancorp Sees Solid First Quarter
Minneapolis-based U.S. Bancorp reported net income of $1.43 billion on revenue of $4.9 billion for the first quarter of 2015. The numbers reflect a 1.9 percent increase in revenue and a 2.4 percent increase in earnings compared to the first quarter of 2014.
U.S. Bancorp reported overall loan volume was up 5.1 percent compared to a year ago.
The company saw $48.8 billion in new loan activity during the first quarter, led by $29 million in new and renewed commercial and commercial real estate loans.
“U.S. Bancorp, once again, delivered industry-leading performance measures in the first quarter,” said U.S. Bancorp chairman, president and CEO Richard Davis said in a statement announcing the results on Wednesday.
Davis added: “The first quarter results reflect normal seasonal effects, such as the expected reduction of post-holiday spending. We believe the diversification of our business mix has served us well through the prolonged low interest rate environment and slow economic recovery, and we are well positioned for stronger growth when the economy gains momentum and interest rates rise.”