Jan 16 U.S. Bancorp, the fifth largest
U.S. commercial bank by assets, posted a slightly higher
quarterly profit, helped by a rise in mortgage revenue and
The bank, which has a market capitalization of nearly $63
billion, said its mortgage revenue more than doubled to $476
The bank said earlier this month that it reached a
settlement with the Federal Reserve for a foreclosure review,
which includes a cash payment of $80 million and $128 million
for other mortgage assistance.
U.S. Bancorp's net interest income for the fourth quarter
rose 4 percent to $2.8 billion.
Total average commercial loans rose 16 percent to $64
billion. Provision for credit losses was down 11 percent to $443
Shares of the Minneapolis-based bank closed at $33.28 on
Tuesday on the New York Stock Exchange.