“U.S. Bancorp (USB), the nation’s biggest regional lender, said third-quarter profit climbed 16 percent to a record, beating analysts’ estimates as mortgage-banking revenue more than doubled.
Net income rose to $1.47 billion, or 74 cents a share, from $1.27 billion, or 64 cents, a year earlier, the Minneapolis- based company said today in a statement. The average estimate of 31 analysts surveyed by Bloomberg was per-share profit of 73 cents.
U.S. Bancorp is focusing on taking market share in mortgage banking, a business that has been a “real positive” for the company, Chief Executive Officer Richard Davis, 54, told investors at a conference last month. Historically low interest rates and government incentive programs are fueling demand for home loans.”
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