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U.S. Bancorp reported a solid third-quarter profit, meeting Wall Street's expectations, but revenue declined against a plunge in mortgage banking activity, punctuating a larger industry challenge that has dinged the top lines of major U.S. banks.
Minneapolis-based U.S. Bancorp on Oct. 16 reported third-quarter net income applicable to common shareholders of $1.40 billion, or 76 cents per share. The per-share figure was in line with analysts' average forecast, according to FactSet. And the results were on par with the company's year-earlier results: $1.40 billion, or 74 cents per share.
Executives, speaking to analysts during a call to discuss earnings, credited fewer bad loans -- charge-offs declined in the latest quarter -- and loan growth it generated largely via gains in market share. Average total loans grew 5.7% from a year earlier and...