U.S. Bancorps wealth management and securities services business contributed $41 million to the banks bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier, the bank announced Wednesday.
The business, which includes Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody, and Fund Services generated $385 million in fourth-quarter revenue, up 4.3% from the prior quarter and up 8.1% from 2011. The Wealth Management and Corporate Trust departments were the biggest revenue generators, bringing in $150 million and $135 million, respectively, in the fourth quarter of 2012.
Overall, U.S. Bancorp reported a record $5.6 billion in profit for the year, 15.9% higher than 2011, and fourth-quarter profit of $1.4 billion, or 72 cents per diluted common share. Total revenue for the year was $20.3 billion, up 6.2% from 2011.
I am very proud of our current quarter and full-year 2012 results, and I want to take this opportunity to thank all of our employees for their contributions, hard work and dedication to serving our customers, Richard K. Davis, chairman, president and CEO of U.S. Bancorp said in a statement.
Minneapolis-based U.S. Bancorp is the parent company of U.S. Bank, which operates in some two dozen states in the Midwest and West.