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USBancorp, one of the 10 largest U.S. banks, on Wednesday said third-quarter profit rose 4.7 percent as mortgage banking revenue surged.
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The bank has emerged as one of the winners of the financial crisis, as its conservative loan underwriting has translated to relatively low credit losses. The bank has snatched up smaller competitors that went bust.
In June, it was among the first banks to repay government bailout money after regulators' "stress test" found it was well capitalized for potential economic stress. U.S. Bancorp [USB
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] repaid $6.6 billion that it borrowed under the Troubled Asset Relief Program.
The Minneapolis-based bank reported net income for common shareholders of $583 million, or 30 cents a share. That compares with $557 million, or 32 cents a share, in the year-ago quarter.
Analysts had on average forecast earnings of 27 cents a share, according to Thomson Reuters I/B/E/S. U.S. Bancorp shares edged higher in early trading.
U.S. Bancorp shares closed at $23.80 on Tuesday on the New York Stock Exchange. Through Tuesday, they had fallen 4.8 percent this year.
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