U.S. Bancorp (USB.N), one of the 10 largest U.S. banks, on Wednesday said third-quarter profit rose 4.7 percent as mortgage banking revenue surged.

The Minneapolis-based bank reported net income for common shareholders of $583 million, or 30 cents a share. That compares with $557 million, or 32 cents a share, in the year-ago quarter.

U.S. Bancorp shares closed at $23.80 on Tuesday on the New York Stock Exchange. Through Tuesday, they had fallen 4.8 percent this year.

U.S. Bancorp Mortgage