US Bank has posted a full year profit of $5.6bn, up 16% year-on-year.
The fifth-largest US lender by assets reported a rise in net interest income of 6% to $10.9bn; net non-interest income rose by 4% to $9.3bn.
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Total average deposits at the bank rose by 10.6% to $235bn with total loans at $215bn, up 6%.
Non-interest bearing deposits soared at the bank, rising by 25% to $67.2bn.
Total assets increased by 4% in fiscal 2012 to $353bn.
Other highlights included a 30 basis point improvement in US Bank’s cost-income ratio to 51.5%.
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By GlobalDataLess positive metrics included a 7 basis point fall in the bank’s net interest margin to 3.58%.
U.S. Bancorp chairman, president and CEO Richard K. Davis said: "2012 was a great year for our Company, as we achieved record annual earnings of $5.6 billion, or $2.84 per diluted common share. Further, our 2012 full year results included record total net revenue of $20.3 billion, representing growth in net interest income and fee revenues, as well as controlled expenses.
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