U.S. Bancorp, one of the 10 largest national banks, on Wednesday said second-quarter profit fell 76 percent, a smaller decline than expected, hurt by broad-based credit deterioration.

The results show how the recession and credit crisis have not spared even lenders considered relatively conservative. U.S. Bancorp’s mix of businesses is less directly exposed to the health of consumer borrowers than that at many rivals.

Second-quarter net income applicable to common shareholders of the Minneapolis-based bank fell to $221 million, or 12 cents per share, from $926 million, or 53 cents, a year earlier. Net revenue rose 9 percent to $4.16 billion.

Analysts on average expected profit of 10 cents per share on revenue of $4.02 billion, Reuters Estimates said.

Results included charges per share of 8 cents tied to the repayment of a government bailout and 5 cents to replenish a federal deposit insurance fund.

U.S. Bancorp set aside $1.4 billion for credit losses in the quarter, and net charge-offs totaled $929 million, both more than twice the year-earlier levels. The increases reflected falling home prices and the impact of a deteriorating economy on commercial, commercial real estate and consumer loans, the bank said.

In June it repaid $6.6 billion taken from the federal Troubled Asset Relief Program after regulators found under a "stress test" that it had no capital shortage.

U.S. Bancorp shares closed Tuesday at $18.27 on the New York Stock Exchange. Through Tuesday the shares were down 27 percent this year, compared with a 19 percent drop in the KBW Bank Index.