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-US Bancorp posts Q2 net income of USD 1,484m.

BANKING AND CREDIT NEWS-July 18, 2013--US Bancorp posts Q2 net income of USD 1,484m(C)2013 M2 COMMUNICATIONS http://www.m2.com

18 July 2013 -- Minneapolis, USA-based bank holding company US Bancorp (NYSE: USB) has reported net income of USD 1,484m for the second quarter of 2013 or USD .76 per diluted common share.

Earnings for the second quarter of 2013 were driven by a year-over-year reduction in noninterest expense and a lower provision for credit losses, US Bancorp said.

The firm said that its return on average assets was 1.70% and its return on average common equity was 16.1%.

New lending activity of USD 65.7bn during the second quarter, included USD 37.6bn of new and renewed commercial and commercial real estate commitments, USD 2.6 bn of lines related to new credit card accounts and USD 25.5bn of mortgage and other retail loan originations

Growth in average total loans of 5.2% over the second quarter of 2012 (7.2% excluding covered loans) and 1.2% on a linked quarter basis (1.6% excluding covered loans). Growth in average total commercial loans of 11.2% over the second quarter of 2012 and 2.2% over the first quarter of 2013.

US Bancorp said its diluted earnings per common share of USD .76 in the second quarter of 2013 were USD .05 higher than the second quarter of 2012 and USD .03 higher than the previous quarter.

Return on average assets and return on average common equity were 1.70 % and 16.1%, respectively, for the second quarter of 2013, compared with 1.67% and 16.5%, respectively, for the second quarter of 2012.

The firm's provision for credit losses was lower than net charge-offs by USD 30m in the second quarter and first quarter of 2013 and USD 50m lower in the second quarter of 2012.

Minneapolis-based US Bancorp psted USD 353bn in assets as of June 30, 2013. It is the parent company of US Bank National Association, and operates 3,087 banking offices in 25 states and 5,032 ATMs.

Find out more at www.usbank.com.

1 USD = 0.659765 GBP

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Publication:M2 Banking & Credit News (BCN)
Article Type:Financial report
Date:Jul 18, 2013
Words:385
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