U.S. Bancorp reported record net income of $5,888 million for the full year 2016 compared to $5,879 million for full year 2015. Total net revenue of $21,308 million was up 4.9% from $20,306 million a year earlier.

The following highlights were excerpted from the news release:

• Average commercial loans for the full year 2016 of $86,754 million were up over 10% from $78,815 million the previous year.
• Lease financing average balances of $5,289 million compared to $5,268 million in 2015.
• 2016 net interest income of $11,528 million was up 4.8% from $11,001 million a year earlier.
• The provision for credit losses in 2016 of $1,324 million was up 17% from $1,132 million in 2015.
• Full year 2016 net interest margin of 3.01% was down 4 basis points from 3.05% a year earlier.

U.S. Bancorp Chairman and CEO Richard K. Davis said, “U.S. Bancorp delivered an outstanding performance in 2016 with record net income, EPS and revenue. In a challenging year where the economic environment was often unpredictable, we delivered industry-leading returns, we made important investments in our long-term growth strategy, and we returned 79% of our earnings to shareholders through dividends and share buybacks.

“As importantly, the fundamental elements of our core businesses are solid and we are well positioned for growth as we enter 2017. With an intense focus on our customers and providing them with innovative products and services, we are optimistic we will continue to create outstanding value for our shareholders, customers and communities.

“Our success in 2016 was a result of the tremendous efforts of our 70,000 employees working hard as one U.S. Bank to help our customers build financially secure futures – and they did it with ethics and integrity.”