U.S. Bancorp's profit rose 2.2% in the fourth quarter, driven by growth in mortgage banking.
The nation's fifth-largest bank's revenue rose 1.5% in the fourth quarter, compared to a year ago, to $5.75 billion.
Net income came in at $1.5 billion, or 95 cents a share, meeting analysts' expectations.
"Our fourth quarter and full year results highlighted the value of our diversified business model, which allowed us to deliver industry-leading results for our shareholders despite the economic headwinds the entire banking industry faced," Andy Cecere, the company's CEO, said in a statement. "This was an extraordinary year that brought both challenges and opportunities."
In October, U.S. Bank said it would shutter an additional 400 bank branches, or about 15% of locations, by early this year, as the pandemic has accelerated the shift to digital banking. That comes on top of another 300 branches it closed in the last year or so.
