U.S. Bancorp has posted a net income of $1.38bn for the first quarter of 2016, a fall of 3.1% compared with $1.43bn in the year ago quarter.

The lender attributed the decline in net income year-over-year to a higher provision for credit losses driven by energy-related commercial loan downgrades.

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Diluted earnings per common share were $0.76 in the first quarter of 2016, the same as the first quarter of 2015.

Net interest income on a taxable-equivalent basis in the first quarter of 2016 was $2.88bn, an increase of $136m or 4.9% over the first quarter of 2015. The net interest margin in the first quarter of 2016 was 3.06%, compared with 3.08% in the year ago quarter.

Average total loans were $262.28bn, an increase of 5.8% compared to $247.9bn in the first quarter of 2015. Average total deposits for the first quarter of 2016 were $295.8bn, 6.3% higher than the first quarter of 2015.

U.S. Bancorp chairman and CEO Richard Davis said, "U.S. Bancorp is off to a solid start in 2016 as we once again delivered industry-leading performance metrics against a backdrop of global concerns driving long-term interest rates lower and continuing pressure in the energy sector.

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"We continued to produce strong loan and deposit growth which combined with a stable net interest margin, resulted in growth in net interest income. Our payments-related businesses remain strong and we continue to invest in those businesses, as demonstrated by the acquisition of the $1.6 billion retail card portfolio at the end of 2015.

"Although the pressures from the energy industry negatively impacted the quarter, we took appropriate measures and remain confident that we are well positioned to continue delivering industry-leading returns throughout the year."