Net profit has soared by 47% to $4.8bn at US
Bank, the country’s sixth-largest retail bank, boosted by
substantial deposit growth and a sharp reduction in credit
losses.
Total deposits increased 15% to $213.2bn while
credit loss provisions within the retail banking business decreased
by 43.2%.
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In fiscal 2011, US Bank’s retail-focused
consumer and small business banking unit reported net income growth
of 21.3% year-on-year to $842m.
Less positive metrics included the cost-income
ratio increasing by 30 basis points to 51.8% and the net interest
margin reducing by 23 basis points to 3.65%.
Wells Fargo and
Citigroup both reported results on 17 January posting net
annual profits of 28% and 6% respectively.
JPMorgan Chase kicked off the US reporting season with a net
annual profit of $18.98bn, up 9% year-on-year.
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