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U.S. Bancorp profits jump 39 percent

This news story was published on January 18, 2012.
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Jackie Crosby, Star Tribune, Minneapolis –

U.S. Bancorp saw profit jump 39 percent in the fourth quarter, boosted by growth in commercial lending as conditions in the credit market continue to thaw.

Overall loans during the quarter jumped 5.9 percent compared to a year ago.

The Minneapolis-based bank reported profit of $1.35 billion, or 69 cents per share, beating analysts’ expectations. The company also posted record earnings for the year of $4.87 billion, or $2.46 a share, which the company attributed to record revenue, reduced credit costs and operating efficiencies.

CEO Richard Davis said in a statement that the fourth-quarter and full-year results “reflect the advantages derived from our diversified business model, and, importantly, our ability to successfully implement our strategy and accomplish our goals.”

U.S. Bank said new lending activity increased by 16.6 percent, including commercial real estate, new credit card accounts and mortgages.

Net charge-offs declined 7 percent.

Fourth-quarter results included $263 million in funds from a legal settlement, partially offset by $130 million in expenses for servicing mortgages. The net impact was a gain of 5 cents per share.

Revenue for the quarter increased 8.1 percent to $5.1 billion.

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One Response to U.S. Bancorp profits jump 39 percent

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    biKER Reply Report comment

    January 18, 2012 at 8:51 pm

    well they made money looks like the cockroaches will get another government bailout, better call obama !!!!!!