Diluted earnings per common share was $.67 for the quarter ended 31 March 2012, $.15 higher than the first quarter of 2011.

US Bancorp chairman, president and chief executive officer Richard Davis said the first quarter 2012 financial results clearly demonstrate that the momentum the Company has established and built over the past several years is continuing to drive performance in 2012.

"The Company’s first quarter diluted earnings per common share of $.67 were 28.8 percent higher than the prior year and the increase was driven by revenue growth and improving credit costs," Davis said.

"Average total loans and deposits were higher in the first quarter, posting year-over-year growth of 6.4 percent and 11.7 percent, respectively, as all of our balance sheet businesses benefited from growth initiatives and continued to capitalize on the flight to quality."

"The slow, but steady, economic recovery contributed to the continued improvement in our credit quality this quarter. Net charge-offs and nonperforming assets were both more than 8 percent lower than the prior quarter," Davis added.

Total net revenue on a taxable-equivalent basis for the latest quarter period was $4.9bn up $410m than the first quarter of 2011, reflecting a 7.3% growth in net interest income and an 11.3% increase in noninterest income.

The wholesale banking and commercial real estate segment contributed $326m of the Company’s net income in the first quarter versus with $208m during the same period of 2011.

For the recent quarter, its consumer and small business banking net income stood $390m, up $248m over the first quarter a year ago.

Wealth Management and Securities Services imparted $45m of its net income in the first quarter of 2012, a 13.5% decline from the first quarter last fiscal.

According to the quarterly financial statement, its payment services net income fall 12.4% to $254m compared to the first quarter of 2011.

Treasury and Corporate Support net income declined $31m to $323m compared to net income of $354m during the same period year-over-year.