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U.S. Bancorp Tops 3Q Estimates

U.S. Bancorp shares were falling, despite better-than-expected third quarter results.



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U.S. Bancorp

(USB) - Get U.S. Bancorp Report

shares were falling in premarket trading despite better-than-expected third quarter results.

For the September-ending quarter, U.S. Bancorp earned a profit of $908 million, or 45 cents a share, vs. $603 million, or 30 cents a share, in the year-earlier quarter. U.S. Bancorp attributed the results to record net revenue of $4.6 billion, up 7.9% from the third quarter of 2009.

Analysts at Thomson Reuters expected U.S. Bancorp to earn 43 cents a share on $4.45 billion of revenue.

Still shares dipped in premarket trading. The stock was down 1.5% to $22.81.

U.S. Bancorp said it extended $54.8 billion in lending during the third quarter, which included $12.1 billion of new commercial and commercial real estate commitments; $18.8 billion of commercial and commercial real estate commitment renewals; $1.4 billion of lines related to new credit card accounts; and $22.5 billion of mortgage and other retail originations.

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U.S. Bancorp said recorded mortgage production of $16.6 billion during the quarter, which led to a 12.3% increase in mortgage banking revenue.

As far as credit quality, U.S. Bancorp's net charge-offs and nonperforming assets declined sequentially of 10.7% and 4.6%, respectively. It was the fourth "consecutive quarterly decrease" in its provision for credit losses, the bank said.

--Written by Laurie Kulikowski in New York.

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