January 17, 2018 / 11:55 AM / 3 months ago

U.S. Bancorp's fourth-quarter profit rises 16 pct

Jan 17 (Reuters) - U.S. Bancorp reported a 16 percent increase in quarterly profit on Wednesday as it booked a $910-million tax benefit due to new U.S. tax laws.

The biggest U.S. regional bank by assets said net income attributable to common shareholders rose to $1.61 billion or 97 cents per share in the fourth quarter ended Dec. 31, from $1.39 billion or 82 cents per share, a year earlier.

Minneapolis-based U.S. Bancorp’s net interest income rose 6.4 percent to $3.14 billion, benefiting partly from higher interest rates. (Reporting by Nikhil Subba in Bengaluru; editing by Sai Sachin Ravikumar)

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