Minneapolis-based U.S. Bancorp, which oversees more than 40 U.S. Bank branches in the Sacramento region, posted a record profit of $5.6 billion in 2012, topping its 2011 record by more than $600 million.
Last year's net income equated to earnings of $2.84 a share, also a record. The bank firm's 2012 revenue total of $20.3 billion was likewise a record.
Net income for the fourth quarter ended Dec. 31 was $1.4 billion, or 72 cents a share, up from $1.3 billion, or 69 cents a share, in the year-ago period.
Richard Davis, president and CEO, noted that "total average loans grew in the fourth quarter" and U.S. Bancorp "grew total average loans by 6.9 percent over the prior year."