October 19, 2016 / 11:26 AM / in a year

U.S. Bancorp's quarterly revenue rises 4.7 percent

(Reuters) - Minneapolis-based U.S. Bancorp (USB.N) reported a 4.7 percent rise in quarterly revenue helped by strength in its mortgage banking unit and higher interest income.

Mortgage banking revenue rose 40.2 percent to $314 million while net interest income rose 4.5 percent to $2.89 billion.

The Federal Reserve, which raised interest rates for the first time in nearly a decade in December last year, has kept rates unchanged since but has indicated a possible hike this December.

Net income attributable to the bank rose to $1.50 billion, or 84 cents per share, in the third quarter ended Sept. 30, from $1.49 billion, or 81 cents per share, a year earlier.

    Analysts were expecting a profit of 83 cents per share, according to Thomson Reuters I/B/E/S.

    Total net revenue rose to $5.39 billion from $5.15 billion.

    During the quarter, the bank had set aside $325 million to cover bad loans, up 15.2 percent from a year earlier.

    New York-based M&T Bank Corp (MTB.N) also reported a better-than-expected third-quarter profit on Wednesday.

    Reporting by Nikhil Subba in Bengaluru; Editing by Shounak Dasgupta

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