Shares of U.S. Bancorp rose 2 percent Wednesday as the company’s fourth-quarter net earnings beat Wall Street expectations by a penny.
Earnings at the Minneapolis-based bank holding company increased 82 percent to $602 million, or 30 cents per share, from the same period last year.
The company earned $330 million, or 15 cents per share, in last year’s fourth quarter amid the fallout of the financial crisis. Its 2009 third-quarter earnings totaled $603 million, or 30 cents per share.
U.S. Bancorp said that quarterly revenue and earnings were driven by fees collected and net interest income.
The company recorded a record $4.4 billion in quarterly revenue in the fourth quarter, compared to $3.6 billion in the same period last year.
Full-year net income totaled $2.2 billion, or 97 cents per share, a 25 percent decline from $2.9 billion in 2008.
U.S. Bancorp, Minnesota’s eighth-largest public company, reported full-year 2009 revenue of $16.8 billion, a 14 percent increase from 2008.
In 2009, U.S. Bancorp expanded the presence of its commercial bank, U.S. Bank, NA, by 150 branches through acquisitions, the majority of which were in California and Illinois.
On Tuesday, U.S. Bancorp completed its acquisition of 14 branch locations and $850 million in assets in Nevada from Winston-Salem, North Carolina-based BB&T Corporation
