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US Bancorp 4Q profit up, beating Wall Street view

January 22, 2014

MINNEAPOLIS (AP) U.S. Bancorp's fourth-quarter net income rose 3 percent as the bank set aside less money to cover soured loans and net charge-offs declined. For the period that ended on Dec. 31 , the bank's earnings for common shareholders were $1.39 billion , or 76 cents per share. That's up from $1.35 billion , or 72 cents per share, in the same period the year before, the Minneapolis -based lender said Wednesday. Revenue declined 4 percent, to $4.89 billion from $5.11 billion . Analysts surveyed by FactSet expected earnings of 75 cents per share on revenue of $4.88 billion . Net interest income, money earned from loans and deposits, fell 2 percent to $2.73 billion . Non-interest income, which includes revenue from fees and other sources, dropped 7 percent to $2.16 billion . U.S. Bancorp's provision for credit losses, or the money set aside to cover soured loans, declined 38 percent to $277 million . Net charge-offs, or loans written off as uncollectible, fell by a third to $312 million . For the year, net income rose 3 percent, to $5.55billion , or $3 per share, from $5.38 billion , or $2.84 per share, in 2012. Revenue fell 3 percent to $19.6 billion . Shares were not moving in premarket trading Wednesday. They have risen 26 percent over the past 12 months.

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Source: Associated Press

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