U.S. Bancorp posts higher 4Q net profit

Author:
Updated:
Original:

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.

Next Up

minneapolis police

Police arrest man in connection to deadly Minneapolis hit-and-run

The victim died the scene in north Minneapolis on Friday.

Jordan Greenway

Wild's fast start vanishes in loss to Coyotes

Arizona scored five unanswered goals in a 5-2 loss.

Screen Shot 2021-03-06 at 4.12.00 PM

Police seeking tips in search for road rage shooting suspect

The incident took place in Maplewood last week.

Paige Bueckers

Paige Bueckers lands on Wooden Award list for women's college basketball

The Hopkins grad is the only freshman on the 15-player ballot.

Jamal Mashburn Jr.

Gophers fall under .500 after OT loss to Rutgers

The Gophers are under .500 for the first time this season.

police tape, crime scene

Man arrested for killing of his father in Wabasha County

The 73-year-old man was found dead at a home in rural Zumbro Falls.

Jake Odorizzi

Report: Jake Odorizzi to sign with Astros

The former Twins pitcher is headed to Houston on a two-year deal.

covid-19, coronavirus

South African COVID-19 variant detected in Wisconsin

There have been no cases of the South African strain found in Minnesota.

Brian Dutcher

Could Brian Dutcher be Gophers target to replace Richard Pitino?

Dutcher's contract has a buyout clause that could lead him to Minnesota.

Related

U.S. Bancorp's 2Q profit jumps 18 percent

Minneapolis-based U.S. Bancorp reported high-than-expected quarterly profit as revenue rose and set aside less money for bad loans. The fifth-largest U.S. commercial bank posted a net income of $1.42 billion in the second-quarter.

U.S. Bancorp 3Q profit grows 16 percent to break another record

U.S. Bancorp, parent company of U.S. Bank, posted a record net income of $1.47 billion, a 16 percent jump from $1.27 billion a year-earlier, Bloomberg reports. “Earnings included continued strong mortgage-banking activity, which contributed to our growth in fee income, residential real estate loans and loans held for sale,” said CEO Richard Davis.

Capella Education's net profit plummets 49 percent in third-quarter

Capella Education, the parent company of the for-profit Capella University, says its third-quarter net income was $5.1 million, down nearly 50 percent compared to the $9.9 million it earned in the July-September quarter last year, the Associated Press reports. Even as total enrollment, revenue and net income fell, new student enrollment at the Minneapolis-based provider of online post-secondary education rose 10.5 percent compared to last year -- the first increase in nearly two years, Reuters reports.