BUSINESS: U.S. Bank Posts Record Profit

Record profits have been reported by U.S. Bank for 2012. The bank has a branch in Big Bear Lake. (File Photo)

By Michael P. Neufeld

Big Bear Lake, CA – U.S. Bank, with a branch in Big Bear Lake, posted record profits in 2012.

Minneapolis-based U.S. Bancorp is reporting it earned a record profit of $5.6 billion in the year ending December 31. The new record tops the 2011 earnings by over $600 million.

U.S. Bank opened its Big Bear Lake branch in April 2012 at 42140 Big Bear Boulevard #101.

NET EARNINGS

Last year’s net income also set a record equating to earnings of $2.84 a share. The bank’s revenue total of $20.3 billion also established a new record.

U.S. Bank issued a media advisory showing net income for the fourth quarter was $1.4 billion, or 72 cents a share. The previous fourth quarter figure was $1.3 billion, or 69 cents a share. (315)