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.

Author:: BMTN Staff
Publish date:: Oct 17, 2012

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.

The Star Tribune reports this is the 12th consecutive quarter that the Minneapolis-based lender has posted double-digit, year-over-year profit growth.

Click here, for the complete third-quarter earnings report.

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

DONTCHA KNOW?

BMTN Newsletters Deliver The Biggest MN Stories

Get Our Newsletter

Screen Shot 2019-02-23 at 8.55.57 PM

Parts of Interstate 90 is closed because of the ongoing blizzard.

Screen Shot 2019-02-23 at 8.33.56 PM

Buchanan Grocery has served Red Wing residents since 1923.

Screen Shot 2019-02-23 at 7.53.07 PM

Look out!

snow, snowstorm

The heaviest snow will fall between 6 p.m. and 6 a.m. Sunday.

Karl-Anthony Towns

It happened Thursday on I-35W.

i-voted-sticker-vote-election

We were officially added to the big lineup on Friday.

Screen Shot 2019-02-23 at 8.49.07 AM

Police say they've had reports of a second video showing the animal's mistreatment.

fire

The man's wife died in the Feb. 5 explosion.

snowmobile

The dam was covered in snow.

flickr-klobuchar-hillary-rally-oct-2016

This is the third major report about working conditions in the senator's office.

Morgan styke

The mother and son from Waite Park disappeared in October

35269463193_5fee81b25f_o

Gonzalez is a super utility guy that can play all over the field.

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.

Inver Grove Heights-based CHS Inc. -- the largest farmer-owned cooperative in the United States -- reported net income of $405 million thanks to strong energy performance. Revenue increased nearly 5 percent to hit $11 billion. The Wall Street Journal notes CHS reported its second-quarter profit dropped 60 percent.

Lower expenses and a 10 percent sales growth helped boost Fastenal Co's third-quarter net income by 13 percent, RTTNews reports. The Winona-based company, an industrial and construction supplier, posted a profit of $109.3 million, or 37 cents a share, compared to $96.8 million, or 33 cents a share, a year ago.

The Minneapolis-based bank beat Wall Street expectations posting a $1.35 billion profit in the fourth quarter. U.S. Bank also posted record earnings of $4.87 billion for the year. The company reports lending activity increased more than 16 percent.

Land O'Lakes Inc. posted net income of $18 million in the third-quarter, compared to a $30 million loss a year earlier, the Star Tribune reports. The Arden Hills-based co-op also reported a seven percent increase in sales.

Connecticut-based Northern Tier Energy, the new owner of the St. Paul Park refinery, reported quarterly operating income of $199.4 million, up $33.7 million from the quarter a year ago, according to a company news release. Northern Tier credits record productivity at the St. Paul Park refinery and favorable crude oil prices for the boost in profits.