U.S. Bancorp (USB) reported net income of $1.2 billion in the third quarter, or 64 cents per share, a 40% increase from one year ago. The bank took in a record $4.7 billion in revenue, a 4% increase from last year. U.S. Bank was also able to lower its provision for credit losses to $519 million, nearly half the $995 million held in reserves in the third quarter of last year. The bank’s CEO Richard Davis said a number of consumer loan categories are beginning to stabilize. Nonperforming assets, including real estate acquired through Federal Deposit Insurance Corp. loss share agreements, totaled $3.03 billion in the third quarter, down 14% from one year ago. U.S. Bank originated $11.5 billion in new mortgages for the quarter, which like many other lenders, was down 30% from the $16.5 billion written one year ago. The bank held $162 million in mortgage buyback reserves in the quarter, the lowest total since the end of 2010. Write to Jon Prior. Follow him on Twitter @JonAPrior.
US Bancorp profit up 40% on record revenue
Most Popular Articles
Latest Articles
The best real estate podcasts for agents and brokers in 2024
The best real estate podcasts to motivate, inspire, entertain and enlighten you this year.
-
Home sellers saw their profits shrink in the first quarter: Attom
-
If reelected, Trump could seek greater control over Federal Reserve
-
Acra CEO Keith Lind on staying the course amid choppy waters in non-QM
-
HUD walks back some proposed changes to HECM for Purchase program
-
Retirement confidence hasn’t fully recovered, but survey shows hope for future prospects