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:
Updated:
Original:

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.

Next Up

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 revenue surges 39 percent

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.

CHS profits up 13 percent in 3Q

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.

US Bancorp profit up 40 percent

The Minneapolis bank -- the fifth largest in the country -- reports profits are up significantly for the third quarter this year. The bank has grown its lending business and benefited as fewer borrowers fall behind.

Polaris profits surge 40 percent in 3Q

Boosted by double-digit sales growth across all of its product lines, Polaris Industries Inc. posted a net income of $94.3 million, a 40 percent jump from $67.6 million in the third quarter a year-ago, the Associated Press reports. The Medina-based all-terrain vehicles maker also lifted its full-year outlook for the third time.

U.S. Bancorp, SolarCity to fund $250 million in solar projects

Minnesota-based U.S. Bancorp, parent company of U.S. Bank, and California-based SolarCity announced Wednesday their sixth and largest renewable energy tax equity fund since the two companies partnered three years ago. It will finance up to $250 million in residential solar power and commercial solar power projects for homeowners, businesses, schools, and government buildings.