Reuters logo
UPDATE 1-U.S. Bancorp profit rises as mortgage revenue soars
January 16, 2013 / 12:50 PM / in 5 years

UPDATE 1-U.S. Bancorp profit rises as mortgage revenue soars

Jan 16 (Reuters) - 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 commercial lending.

The bank, which has a market capitalization of nearly $63 billion, said its mortgage revenue more than doubled to $476 million.

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 million.

Shares of the Minneapolis-based bank closed at $33.28 on Tuesday on the New York Stock Exchange.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below