US Bank announces record 2011 profits
After a record third quarter, US Bank continued to pile on the profits in the last quarter of 2011.
$1.35 billion worth of profit, to be exact. For the year, Minnesota's sixth-largest company enjoyed record earnings of $4.87 billion.
Tough economy? Evidently not for those in the US Bank business.
A Fox Business analysis attributed US Bank's record year in part to "improvements in the credit markets." The bank's earning statement reports that credit losses decreased to $497 million from $912 million in 2010.
In a statement, US Bank CEO Richard Davis said "credit quality continued to improve this quarter... We expect that nonperforming assets will decline in the coming quarter as the economy slowly improves."
In a sign that US Bank's record year might be benefiting more than just the 1 percent, the bank also reports that it is lending more. During the fourth quarter, the bank's lending activity increased nearly 18 percent, including a 5.6 percent increase in commercial loans.
Meanwhile, the bank's foreclosure activity continues to draw the ire of occupy protesters, some of whom are apparently adopting novel tactics:
"Occupirates" -- protesters dressed as pirates -- will march at US Bank's headquarters today at noon to protest a pending forclosure. #mpls-- The Journal (@TheJournalMPLS) January 18, 2012
Smart money says US Bank executives will be too busy counting their cash to take much notice of pirate protesters.
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