US Bancorp (USB) Q1 profits up 28 on Strong Lending

US Bancorp (USB) Q1 profits up 28 on Strong Lending
By User:AxG ( [Public domain], via Wikimedia Commons
US Bancorp (USB) Q1 profits up 28 on Strong Lending
U.S. Bancorp (NYSE:USB)  has released the first earning report of 2012 today. The company reported 67 cents per share, slightly ahead of analyst expectations. Net income came in at $1.29 billion. The stock is up half a percentage as of this writing.
CEO Richard Davis commented:
 “The slow, but steady, economic recovery contributed to the continued improvement in our credit quality this quarter.”

 U.S. Bancorp (NYSE:USB), with over $300 billion in reported assets as of Dec. 31, 2011, is ranked the fifth largest commercial banking institution in the United States. It operates 3,085 physical banking offices in 25 U.S. states and the 5,053 automated teller machines provide complete and comprehensive banking services.

 The bank serves individuals and businesses. It offers private and commercial mortgage products, various insurance products for individuals and businesses, investment opportunities and advice, trust funds and long term payment services to consumers and their heirs, business financing and many other financial products.

 U.S. Bancorp (NYSE:USB) is dedicated to serving the communities in which they reside. This alone has earned the company the 2011 Spirit of America Award. The highest honor a commercial institution can receive. The award is given by the United Way in appreciation of outstanding service to the community.

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 The bank developed during the 90s by acquiring major regional banks, which were the the result of numerous smaller banks merging. Since 1988, through mergers and acquisitions of over 50 small and medium sized banks, U.S. Bancorp (NYSE:USB) was formed.

 The first quarter of 2012 has seen many increases in business, proving that the bank is growing strong and all indications point to it continuing to do so. The major increases include:

  • Stronger lending activities amounting to $56 billion in three months
  • New and renewed commercial real estate commitments of $28.9 billion
  • $2 billion new lines of credit and credit card accounts
  • $25 billion in mortgages and other retail endeavors
  • Average growth in total loans increased 6.4 percent from the first quarter last year
  • Linked quarter loans grew 1.5 percent
  • Total commercial loan growth averaged 17.3 percent from totals in the first quarter last year and 3.4 percent higher than the fourth quarter of 2011

 The company also saw major increases in average commercial real estate commitments. Deposits grew nearly 12 percent over the same period last year and the total savings deposits increased by approximately 8 percent over the first quarter of 2011.

 The total net revenue of U.S. Bancorp (NYSE:USB) grew an impressive 9 percent over totals from the first quarter of 2011.

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