UPDATE 2-US Bancorp third-quarter profit rose 50 percent

* Q3 EPS 45 cents vs 43 cents expected by Wall Street

* Revenue rose 8 pct to $4.6 bln

* First quarterly rise in commercial loans since Q4 2008
(Adds beat, CEO comments, detail on credit)

By Elinor Comlay

NEW YORK, Oct 20 (BestGrowthStock) – US Bancorp (USB.N: ) on
Wednesday posted a stronger-than-expected third-quarter profit (Read more your timing to make a profit.),
helped by higher revenues from its fee-based businesses and
lower credit losses.

Minneapolis-based US Bancorp said profit climbed more than
50 percent to $908 million, or 45 cents a share, from $603
million, or 30 cents a share, a year earlier. Analysts on
average expected earnings of 43 cents a share, according to
Thomson Reuters I/B/E/S.

“We have reached the inflection point in credit quality,”
Chief Executive Richard Davis said in a statement. But he
added, “We are mindful of the need to continue to protect our
fortress balance sheet.”

Even as credit losses slowed, the company added more to its
cushion against future losses.

Davis said that while total loans were down slightly from a
year earlier, the bank’s loan book grew from the second quarter
and in particular there was a pick-up in commercial loans in
the third quarter.

That signals that U.S. companies are starting to borrow
more. The bank said it was the first quarterly increase in
commercial loans since the fourth quarter of 2008.

US Bancorp has large fee-based businesses such as debit and
credit card payment processing and these powered third-quarter
revenue.

The bank’s revenue rose almost 8 percent to $4.6 billion in
the quarter.
(Reporting by Elinor Comlay; Editing by Lisa Von Ahn and Steve
Orlofsky)

UPDATE 2-US Bancorp third-quarter profit (Read more your timing to make a profit.) rose 50 percent