U.S. Bancorp’s profit rose 2.2% in the fourth quarter, driven by growth in mortgage banking.
The nation’s fifth-largest bank’s revenue rose 1.5% in the fourth quarter, compared to a year ago, to $5.75 billion.
Net income came in at $1.5 billion, or 95 cents a share, meeting analysts’ expectations.
“Our fourth quarter and full year results highlighted the value of our diversified business model, which allowed us to deliver industryleading results for our shareholders despite the economic headwinds the entire banking industry faced,” Andy Cecere, the company’s CEO, said in a statement. “This was an extraordinary year that brought both challenges and opportunities.”
In October, U.S. Bank said it would shutter an additional 400 bank branches, or about 15% of locations, by early this year, as the pandemic has accelerated the shift to digital banking. That comes on top of another 300 branches it closed in the last year or so.
Kavita Kumar • 612-673-4113 Twitter: @kavitakumar