U.S. Bancorp Reports 8.4% Decrease in Fourth Quarter Net Income

Minneapolis, MN - U.S. Bancorp, the parent company of U.S. Bank, announced an 8.4% decline in its fourth-quarter net income. The decrease is primarily attributed to one-time charges incurred during the period.

Financial Performance

The company's net income for the fourth quarter amounted to $847 million, or 49 cents per share, compared to $925 million, or 57 cents per share, in the same period last year. Adjusted earnings stood at 99 cents per share, meeting analysts' expectations.

Factors Contributing to Decline

U.S. Bancorp cited several notable items that contributed to the decline in net income. These include a special assessment fee of $734 million imposed by the Federal Deposit Insurance Corp. and merger and integration-related charges amounting to $171 million in connection with the acquisition of MUFG Union Bank.

Revenue Growth

Despite the decline in net income, U.S. Bancorp saw a growth in revenue for the fourth quarter. Revenue increased by 6.2% to reach $6.76 billion, slightly lower than the $6.85 billion expected by analysts polled by FactSet.

Credit Loss Provisions

In the fourth quarter, the company allocated $512 million for credit losses. This figure is lower compared to the $515 million provisioned in the previous quarter and the $1.19 billion provisioned in the same period last year.

For more information on this report, please contact U.S. Bancorp's Investor Relations department.