US Bancorp Reports Quarterly Results; Credit Officer Resigns

U.S. Bancorp (NYSE: USB) reported yesterday its quarterly results and that Michael J. Doyle resigned as chief credit officer.

P.W. (Bill) Parker and Scott S. Hickey will share Doyle’s responsibilities as the Minneapolis-based bank searches for a replacement. Parker has been chief portfolio risk manager and executive vice president. Hickey has been named chief credit approval office and executive vice president. Doyle, who held the credit position since 2002, will remain with U.S. Bancorp as an advisor to President and CEO Richard K. Davis.

For the second quarter, U.S. Bancorp reported net income of $1.2 billion, down 3.7 percent from $1.2 billion in the same period a year ago.

Average loans in the credit card division were $9.1 billion, up nearly 24 percent from $7.4 billion in the same period a year ago. The credit and debit card unit contributed $228 million in net income during the quarter, up from $202 million in the second quarter of 2006.

U.S. Bancorp places its credit card charge off data under the retail loans segment. Net charge offs for retail loans totaled $138 million in the second quarter, up from $94 million in the same period a year ago, due to higher credit card losses as customer accounts grew, the bank reported. The retail loan net charge off rate rose to 1.15 percent in the second quarter, compared with 0.84 percent a year ago.

The bank said it expected higher delinquencies in the retail loan group and that net charge offs will rise modestly through the end of the year.