MINNEAPOLIS (AP) — U.S. Bancorp's fourth-quarter net income rose 3 percent as the bank set aside less money to cover soured loans and net charge-offs declined.
For the period that ended on Dec. 31, the bank's earnings for common shareholders were $1.39 billion, or 76 cents per share. That's up from $1.35 billion, or 72 cents per share, in the same period the year before, the Minneapolis-based lender said Wednesday.
Revenue declined 4 percent, to $4.89 billion from $5.11 billion.
Analysts surveyed by FactSet expected earnings of 75 cents per share on revenue of $4.88 billion.
Net interest income, money earned from loans and deposits, fell 2 percent to $2.73 billion. Non-interest income, which includes revenue from fees and other sources, dropped 7 percent to $2.16 billion.
U.S. Bancorp's provision for credit losses, or the money set aside to cover soured loans, declined 38 percent to $277 million.
Net charge-offs, or loans written off as uncollectible, fell by a third to $312 million.
For the year, net income rose 3 percent, to $5.55billion, or $3 per share, from $5.38 billion, or $2.84 per share, in 2012. Revenue fell 3 percent to $19.6 billion.
Shares were not moving in premarket trading Wednesday. They have risen 26 percent over the past 12 months.