U.S. Bancorp reported Q1/15 net income of $1,431 million was up 2.4% from $1,397 million in Q1/14. The bank said net interest income growth over the first quarter of 2014 was driven by average earning asset growth of 10.6% and continued strong growth in lower cost core deposit funding.

The following was excerpted from the U.S. Bancorp news release:

• Total net revenue of $4.91 billion was up from $4.18 billion a year earlier as both net interest income and noninterest income were up 1.7% and 2.2%, respectively.
• The net interest margin in Q1/15 was 3.08%, down .27% from 3.35% in Q1/14.
• Average Q1/15 lease financing receivables of $5.33 billion were up 2.6% from $5.19 billion a year earlier.
• Growth in average total commercial loans of 15.1% over the first quarter of 2014.
• Decline in Q1/15 net charge-offs of 18.2% on a year-over-year basis.
• Provision for credit losses of $264 million in Q1/15 was down 13.7% from $306 million in Q1/14.

U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “U.S. Bancorp, once again, delivered industry-leading performance measures in the first quarter. We achieved net income of $1.43 billion, return on average assets (ROA) of 1.44%, return on average common equity (ROE) of 14.1% and an efficiency ratio of 54.3%.”

To view the full U.S. Bancorp news release, click here.