U.S. Bancorp posts record net revenue during third quarter

Minneapolis-based bank holding company U.S. Bancorp (NYSE: USB) had a record total net revenue of $4.6 billion during the third quarter ending Sept. 30.

Net income for the company is up 18.5 percent to $908 million in the third quarter compared to the second-quarter net income figure of $766 million, according to an Oct. 20 news release.

Compared to the third quarter of 2009, the company has increased its net income by 50.6 percent from $603 million.

The company attributed its third quarter results to strong new lending activity of $54.8 billion, total loan growth of 5.8 percent and growth in average deposits of 9.8 percent.

"Our third quarter results, once again, reflected the company's financial strength, fundamental operating model and business line momentum, as record total net revenue and reduced credit costs drove third quarter net income of $908 million, or 45 cents per diluted common share," CEO Richard Davis said in the release.

U.S. Bancorp is the parent company of U.S. Bank, which has 3,025 branches nationwide and eight branches in Springfield.

U.S. Bancorp shares were trading at $22.85 as of 11:15 a.m today, compared to its 52-week range of $20.44 to $28.43.[[In-content Ad]]