U.S. Bancorp’s (USB) third-quarter net income remained relatively unchanged as revenue fell and the bank set aside losses for bad loans. Per Reuters:
Profit was $1.47 billion, or 76 cents a share, compared to $1.47 billion, or 74 cents, a year earlier, the Minneapolis-based bank said today in a statement. The average estimate of 34 analysts surveyed by Bloomberg was for earnings of 76 cents.
Chief Executive Officer Richard Davis told investors at a conference last month that the company was having a “very good quarter” amid loan growth from the previous three-month period. The company is also focusing on bolstering fees from businesses including wealth management and trust.
