Profit, charge-offs double for U.S. Bancorp in Q4

U.S. Bancorp -- parent of U.S. Bank, Colorado's third-largest by deposits -- told investors Wednesday it doubled fourth-quarter profit on growth in mortgage banking revenue, but write-offs for bad loans spiked as well.

The Minneapolis-based bank said it earned $580 million, or 30 cents a share, in the fourth quarter. That's up from $259 million, or 15 cents a share, in the same period a year ago.

Revenue in the fourth quarter grew 21 percent to $4.38 billion from $3.62 billion. U.S. Bancorp (NYSE:USB) said mortgage banking revenue jumped nearly $200 million over the year as loan growth averaged 8 percent.

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- Posted: 2010-01-20 11:08:49

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