Record Revenues, Fee Income Boosts U.S. Bancorp

U.S. Bancorp (USB) reported fourth quarter profits 82% better than last year, powered by record revenue growth of $4.4 billion for the quarter. Expansion of its asset base through acquisitions and the growth of fee-related businesses, including merchant banking services were the keys to its success, but credit losses, while decreasing, continue to be a drag on earnings.