NEW YORK (
beat analysts' estimates for the fourth quarter of 2010.
net income of $974 million, or 49 cents per share, and total net revenue of $4.7 billion. Analysts' consensus was that the bank would report a profit of 46 cents a share on $4.52 billion in revenue.
The bank also reported a provision for credit losses lower than net charge-offs by $25 million and net securities losses of $14 million, which increased earnings per common share by three cents in the fourth quarter.
The bank reported lending activity of $65.6 billion during the fourth quarter. Total loan growth improved 1.5 percent over the third quarter of 2010.
U.S. Bancorp also recorded a $103 million gain from the exchange of
for a stake in
. The bank also completed its acquisition of
Bank of America
securitization trust administration business on December 30, 2010, which increased U.S. Bank's deposits by $8 billion this quarter.
--Written by Maria Woehr in New York.
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