US Bancorp post modest profits rise

17 January 2007

US Bancorp's profits saw a modest rise of four per cent in the fourth quarter of 2006 - up from $1.14 billion to $1.19 billion - according to an official release from the bank.

According to the bank, increases in merger and acquisition fees and gains of 26 per cent in merchant processing services were largely responsible for the increase in profits.

However, there was a five per cent drop in lending income, and expenses were up by ten per cent.

"The long-term goals of our company have not changed," said US Bancorp president and chief executive Richard K Davis, taking an optimistic view of the coming year.

"I believe we are very well positioned to continue to produce a consistent, predictable and repeatable earnings stream going forward and make US Bancorp an attractive partner for our customers, communities, employees, and shareholders."

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