US Bancorp takes axe to toxic loans
Non-performing assets fall 17% year-on-year
Regional lender US Bancorp posted a big drop in its ratio of soured assets to total loans at end-March compared with the same quarter a year ago as it scrubbed its book of bad credits and expanded lending.
The bank's non-performing assets ratio dropped to 0.35% from 0.43% 12 months prior. Non-performing assets outstanding sank to $1 billion from $1.2 billion over the period, while average loan balances climbed to $286.1 billion from $279.4 billion.
Soured residential mortgage loans decreased
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