U.S. Bancorp reported net income of $908 million for the 3Q/10, driven by a total net revenue of $4.6 billion for 50.6% growth over the year ago period and 18.5% higher than the previous quarter. Meanwhile, total net revenue was $4.6 billion for a 7.9% increase on the year ago period while the Payment Services division contributed $215 million for$142 million increase on the year ago period and a $34 million increase on the previous quarter, thanks in large part to higher total net revenue and a lower provision for credit losses. The Payment Services total net revenue increased $54 million since 3Q/09 while net interest income increased $32 million thanks to growth in credit card balances and improved loan spreads. The Payment Services’ contribution was $34 million higher than the previous quarter thanks to lower credit losses and higher total net revenue and total net revenue increased $17 million. Total noninterest income was $14 million higher on a linked quarter basis because of higher transaction volumes while net interest income increased $3 million due to wider loan spreads and higher volumes.
MERCHANT ACQUIRING VOLUME HISTORICAL
Source: CardData (www.carddata.com)