U.S. Bancorp has reported a net income of $1.75bn for the second quarter of 2018, an increase of 16.6% compared to $1.5bn a year ago.

The bank attributed surge in net income to total net revenue growth of 3.5% which was partially offset by noninterest expense growth of 3.4%.

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For the quarter ended 30 June 2018, the bank’s total net revenue was $5.64bn, an increase of 3.5% from $5.44bn in the year ago quarter.

Net interest income on a taxable-equivalent basis was $3.22bn, an increase of 4.1% over the second quarter of 2017. Net interest margin stood at 3.13%, compared with 3.08% in the second quarter of 2017.

The bank’s provision for credit losses during the quarter decreased 6.57% to $327m from $350m a year ago.

U.S. Bancorp president and CEO Andy Cecere said: “Our second quarter results were highlighted by record revenue, net income and diluted earnings per common share. We continue to deliver industry-leading profitability metrics, including a return on tangible common equity of 19.8%.

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“This quarter, the Federal Reserve conducted its annual stress test and, as in prior years, the results confirmed our ability to withstand severely adverse economic conditions. Following this exercise, we announced a 23% increase in our quarterly dividend, as well as a 15% increase in our stock repurchase authorization, supporting our commitment to maximize shareholder value.

“In addition to these solid results, we are investing in our future by expanding our digital offerings, which will allow our customers to access us how, when and where they want and enhance their customer experiences.”