US Bancorp’s consumer and small business banking division posted
a 24% slump in first quarter net income to $42m compared with the
corresponding period a year ago.

At group level, US Bancorp has reported first
quarter net income of just over $1bn, an increase of 56.4% from the
corresponding quarter a year ago.

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Provisions for credit losses declined by 42.4%
from the year-ago quarter to $755m.

Pre-tax income at the
Minneapolis-headquartered banking corporation rose by 66% to
$1.45bn year on year.

Average total deposits increased by 12% to
$204.3bn in the three months to end-March compared with the same
period a year ago.

Other notable highlights in the first quarter from the year-ago
quarter included:

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  • A 4.3% rise in net interest income to $2.5bn;
  • A 4.9% rise in non-interest income to $2bn;
  • Total retail loans rose by 1 % to $197.6bn;
  • Average credit card loans fell by 1.5% to $ 16.1bn;

But non-performing loans soared year on year by 45% to
$133m.

The CEO of US Bancorp, Richard K. Davis said: “Our results for
the first quarter of 2011 reflected our proven business model
during a recovering, yet still uncertain, economic
environment.”

Davis added that US Bancorp would continue to
invest in its distribution network.

“The acquisition [First Community Bank from the FDIC] of
extended our branch banking franchise into New Mexico, our 25th
contiguous state, and immediately established us as one of the top
three banks in terms of market share in this new attractive
market.

“The purchase of FCB fits perfectly into our strategy of
acquiring businesses and smaller fill-in banking franchises that
add product and service capabilities, as well as profitable scale
to our existing business lines and footprint in comparatively
low-risk transactions,” he said.