U.S. Bancorp reported Q1/18 net income of $1,675 million was up 13.7% from $1,473 million a year earlier. Net revenue of $5,469 million was up 3.4% from $5,289 million in Q1/17 and net interest income grew 5.5% year over year.

The following highlights were excerpted from the news release:

• Average lease financing loans of $5,532 million at the end of Q1/18 were up 1.4% from $5,455 million a year earlier.
• The earning assets yield in Q1/18 of 3.75% was up from 3.48% for the same quarter in 2017.
• Lease financing nonperforming loans of $27 million at March 31, 2018 was down 36% from $42 million for the same quarter a year earlier.

Commenting on U.S. Bancorp’s performance, Chairman, President and CEO Andy Cecere said, “We reported a solid first quarter, highlighted by a 19.3% return on average tangible common equity. We delivered solid growth in net interest income and high return fee businesses such as corporate payments, credit card and wealth management and investment services. We continue to invest for the future and I’m pleased with the progress we are making on initiatives aimed at advancing our digital offerings and expanding our treasury management and payment services capabilities. This is a rapidly evolving banking environment and we are positioning this company to be a trusted partner to our customers, with the products and services that enable them to do what they want, when, where and how they want. As we continue on this journey, I am grateful to our customers for their trust and to our employees for their commitment to our continued success.”