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U.S. Bancorp net income rises 6% to $1.47bn in Q1

U.S. Bancorp has reported a net income of $1.47bn for the first quarter of 2017, up 6.3% compared to $1.38bn a year earlier.

The bank’s total net revenue for the quarter ended 31 March 2017 was $5.32bn, a rise of 5.7% from $5.03bn in the year ago quarter.

Net interest income on a taxable-equivalent basis stood at $2.99bn, a rise of 3.7% from $2.89bn last year. Net interest margin was 3.03%, compared to 3.06% a year earlier.

The bank’s provision for credit losses during the quarter increased 4.5% to $345m from $330m a year ago.

U.S. Bancorp president and CEO Andy Cecere said: “U.S. Bancorp once again delivered industry-leading returns and profitability in the first quarter of 2017 as we leveraged our diverse business platform and our investments in innovation to deliver the entire bank to our customers in the ways they want to interact with us.”

“Our return on average common equity was 13.3 percent and, compared to a year ago, diluted earnings per share grew by 7.9 percent, supported by strong revenue growth and stable credit quality. We also returned 78 percent of earnings to shareholders,” Cecere added.

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