NEW YORK (MarketWatch) -- U.S.
Bancorp, the Minneapolis banking firm, reported fourth-quarter
net income advanced 38% as revenue from interest on loans rose and the provision for possible losses on bad loans declined. Earnings attributable to holders reached $1.31 billion, or 69 cents a share, from $951 million, or 49 cents, in the year-earlier quarter. Revenue climbed 8.1% to $5.1 billion from $4.72 billion. Two special items netted to a gain of a nickel a share in the latest quarter. A survey of analysts by FactSet Research produced a consensus estimate of 63 cents a share of profit on revenue of $4.76 billion. Net interest income rose 7% to $2.67 billion. The provision for credit losses fell 46% to $497 million from $912 million. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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