The Wall Street Journal-20080116-Credit Crunch- U-S- Bancorp Net Falls 21-
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Credit Crunch: U.S. Bancorp Net Falls 21%
U.S. Bancorp reported a 21% drop in fourth-quarter net income as the bank holding company was hit with charges while trying to navigate the credit crisis.
The Minneapolis-based parent of U.S. Bank posted net income of $942 million, or 53 cents a share, down from $1.19 billion, or 66 cents a share, a year earlier.
The latest quarter's per share results include a nine-cent charge related to litigation involving Visa and a four-cent loss on securities bought from some money-market funds.
The prior year's results included a $52 million gain related to the sale of a 401(k) record-keeping business, a $22 million debt prepayment charge and a reduction in tax liabilities.
Net revenue rose to $3.54 billion, driven by an increase in net interest income and growth in fee-based categories.
