U.S. Bancorp net income slips in Q2

U.S. Bancorp has reported a net income of $1.5bn for the second quarter of 2017, a marginal dip of 1.4% compared to $1.52bn in the year ago period.

For the quarter ended 30 June 2017, the bank’s total net revenue was $5.48bn, up 0.7% from $5.45bn a year earlier.

Net interest income on a taxable-equivalent basis was $3.07bn, an increase of 5.9% over $2.89bn in the second quarter of 2016. Net interest margin stood at 3.04%, two basis points higher than the year ago quarter.

The bank’s provision for credit losses during the quarter increased 7% to $350m from $327m a year ago.

U.S. Bancorp president and CEO Andy Cecere said: “I’m proud of our solid second quarter performance and our ability to deliver industry-leading results. As an enterprise we extended our momentum from the first quarter to produce best-in-class performance metrics, including return on average assets of 1.35 percent, return on average common equity of 13.4 percent and an efficiency ratio of 55.2 percent.”