U.S. Bancorp reported net income of $1,483 million for Q2/15 compared with $1,495 million in Q2/14. Earnings per share of $0.80 met the expectations of analysts polled by Thomson Reuters.

Total net revenue of $5.04 billion was down 2.8% from $5.19 billion a year earlier primarily as a result of lower noninterest income of $2.27 billion versus $2.44 billion in Q2/14.

The following highlights were excerpted from the news release:

• The YTD 2015 net interest margin of 3.05% was down 25 basis points from 3.31% for the same period in 2014.
•  The YTD 2015 average lease financing balance of $5.32 billion was up 4.3% from $5.10 billion a year earlier.
• The YTD 2015 provision for credit losses of $545 million was down 13.5% from the $630 million reported for the same period in 2014.

“U.S. Bancorp once again demonstrated the effectiveness of its business model as we delivered solid second quarter financial results in a challenging operating environment for financial institutions,” said U.S. Bancorp chairman, president and chief executive officer Richard K. Davis. “We achieved net income of $1.48 billion, or $0.80 per diluted common share and continue to realize industry-leading performance measures, with a return on average assets (ROA) of 1.46%, return on average common equity (ROE) of 14.3% and an efficiency ratio of 53.2%. As we pursue our vision for the future, we must continue to balance the investments we make in our highest return initiatives with prudent financial discipline – that’s the nature of navigating through this low interest rate environment.”

Read the full release from U.S. Bancorp here.