US Bancorp profit rises
April 20th, 2010
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U.S. Bancorp said Tuesday its first-quarter profit rose nearly 55 percent from a year ago, helped by higher revenue from its fee-based businesses and slowing consumer loan losses.
The bank also benefited from growth in traditional deposits, giving it a cheap source of money for loans.
But the Minneapolis bank still wrote off more bad loans during the quarter, and expects those write-offs to remain at a similar level this quarter as well, because of economic conditions.
Net loan charge-offs were $1.14 billion, up 2.3 percent from the fourth quarter 2009.