Lending activity helps spark earnings rise for U.S. Bancorp

U.S. Bancorp on Wednesday reported a 40 percent rise in net income in the third quarter as a result of strong lending activity and a reduction in its provision for loan losses.

Based in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank, which has reported more than $1.9 billion in the Las Vegas-area deposits. The company also operates 80 branches in Southern Nevada.

The bank said net income was
$1.24 billion, or 64 cents per share, for the quarter ended Sept. 39, up from net income of $908 million, or 45 cents per share, a year earlier.

Analysts polled by Yahoo Finance had expected earnings of 61 cents a share.

Revenue rose 4.3 percent to
$4.8 billion from $4.6 billion.

Total loans rose 5 percent, to $202.17 billion, while provision for loan losses fell 47.8 percent, to $519 million.