U.S. Bancorp posts higher 4Q net profit

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A surge in residential mortgages and commercial loans helped give U.S. Bancorp's fourth-quarter earnings a slight boost, Fox Business reports. The Minneapolis-based parent company of U.S. Bank reported Wednesday that its net income climbed to $1.42 billion, up 5.2 percent from $1.35 billion in the same period a year earlier.

"Our customers – from individuals, to small businesses, to large corporations – are healthy and productive, having adjusted to the current slow growth, uncertain environment in which they operate today, but they remain poised to take advantage of the recovery as it emerges," Chief Executive Officer Richard Davis said today in a news release.

Bloomberg says U.S. Bancorp's full-year profit surged 16 percent to a record $5.65 billion.

Last week, ten of the biggest mortgage companies in the U.S. reached an $8.5 billion deal to settle allegations that they wrongfully foreclosed on thousands of homeowners in 2009 and 2010. According to a news release, U.S. Bancorp’s share of the settlement included a cash payment of $80 million and approximately $128 million of other mortgage assistance.

Click here, to follow U.S. Bancorp's stock performance.

Meanwhile, U.S. Bank is also testing a new wireless payment service for iPhone users called U.S. Bank Go Mobile, the Business Journal reports. The company has not said when the technology would be available in Minnesota.

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