U.S. Bank reports quarterly profit

Net income per diluted share was 62 cents for the third quarter, compared to 56 cents per diluted share during the same period last year. The increase in profit is attributed primarily to growth in fee-based products and services and reduced credit costs.

Average loans totaled $135 billion for the third quarter, up 10 percent from the same period in 2004, and driven by 28.6 percent growth in average residential mortgages, 10 percent growth in commercial loans and 7.8 percent growth in retail loans.

The company reported assets of $206.9 billion as of Sept. 30, with $120.8 billion in deposits and $136.6 billion in loans.

U.S. Bank has 12 banking centers in southwest Missouri. Shares of U.S. Bancorp (NYSE: USB) closed Oct. 24 at $29.06, compared to a 52-week range of $26.80 to $31.65.