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Home > BizTimes Daily > Archives > January 20, 2010
Record revenues boost U.S. Bank
Published January 20, 2010 - BizTimes Daily
U.S. Bancorp today reported fourth quarter net income of $602 million, or 30 cents per share, up from $330 million, or 15 cents per share, in the same period a year ago.
The Minneapolis-based parent company of U.S. Bank said its most recent quarter’s growth was driven by record total net revenue of $4.4 billion, the result of strong year-over-year growth in both net interest income and fee revenue.
The company's results were impacted by two significant items: $278 million of provision for credit losses in excess of net charge-offs and $158 million of net securities losses.
For the full fiscal year, U.S. Bancorp reported 2009 net income of $2.2 billion, down from $2.9 billion in 2008.
U.S. Bancorp chairman, president and chief executive officer Richard Davis said, "U.S. Bancorp's fourth quarter and full year 2009 earnings fully reflected the strength and quality of the Company, as we achieved record total net revenue for both the quarter and the year. The strong growth in net revenue, the result of our expanding balance sheet and fee-based businesses, as well as recent investments in our branch network and various growth initiatives, was the primary driver behind the increase in fourth quarter earnings compared with the same period of 2008.”
Looking forward, Davis said, “Given the company's diversified revenue mix, stable businesses, industry-leading performance, capital generation, and its dedicated employees, I am confident that we will continue to grow and prosper in the coming year, as we continue to serve our customers, support our communities, assist the government in their efforts to stimulate and strengthen the economy, and create long-term value for our shareholders, all of which will serve to further distinguish U.S. Bancorp as one of the strongest leaders in the financial services industry today."
