UPDATE 1-US Bancorp reports higher Q2 profit

* Q2 EPS $0.40 vs estimate $0.38

* Revenue climbs almost 9 pct to $4.5 bln

NEW YORK, July 21 (Reuters) - US Bancorp's (USB.N) second-quarter profit beat analysts' expectations, helped by lower loan losses and a pickup in revenue as it made more commercial loans.

Minneapolis-based US Bancorp reported a second-quarter profit of $766 million, or 45 cents a share, compared with a year earlier profit of $471 million, or 12 cents a share.

Excluding items, the bank reported earnings of 40 cents a share, above analysts' average estimate of a profit of 38 cents a share, according to Thomson Reuters I/B/E/S.

Revenue climbed almost 9 percent to $4.5 billion from $4.2 billion. (Reporting by Elinor Comlay; Editing by Derek Caney)