1 minute readMinneapolis-based US Bancorp (USB) reported a record $4.2bn net revenue for Q209. A record $16.3bn in mortgage loan origination bolstered the bank’s record revenue. The bank’s mortgage revenue was $75m in the quarter. Repayment of Troubled Asset Relief Program (TARP) funds, increased credit costs and an increase to the credit loss reserve brought second-quarter profits to $471m, or $0.12 per share. That’s down from $950m in Q208 and $529m in Q109. The bank also made a more than special assessment payment to the Federal Deposit Insurance Corporation that amounted to $.05 per share, and spent $1.4bn to cover credit losses and shore up its loss reserve. US Bancorp repaid the government’s $6.6bn TARP investment in June. “Today we reported the company’s second quarter earnings which, although lower than the same quarter of 2008 and the prior quarter, continued to demonstrate US Bancorp’s core earnings strength during a period of unsurpassed challenges and economic stress for the financial services industry,” Richard Davis, the bank’s chairman, president and CEO said in the quarterly report. The bank has a Tier 1 capital ratio of 9.4%. Write to Austin Kilgore.
Most Popular Articles
Latest Articles
HousingWire Mortgage Rankings have arrived, bringing data-driven benchmark to originator performance
HousingWire on Tuesday announced the launch of the HousingWire Mortgage Rankings, a new performance intelligence product designed to provide a clear, data-driven view of mortgage origination activity across the U.S. The rankings benchmark mortgage originators based on observed production, offering a standardized view of performance across geographies, loan types and channels. Historically, the mortgage industry has lacked […]
