UPDATE: US Bancorp Q4 Net Income Surges 38%

U.S. Bancorp (NYSE: USB) reported a 38% rise in its fourth-quarter net income.

U.S. Bancorp's quarterly earnings attributable to holders rose to $1.31 billion, or $0.69 per share, from $951 million, or $0.49 per share, in the year-ago period. Its revenue gained 8.1% to $5.1 billion, versus $4.72 billion. However, analysts were expecting earnings of $0.63 per share on revenue of $4.76 billion.

U.S. Bancorp's net interest income surged 7% to $2.67 billion. The provision for credit losses declined 46% to $497 million.

U.S. Bancorp shares gained 0.42% to $28.89 in pre-market trading.