U.S. Bancorp reported Q1/17 net income of $1,473 million, up 6.3% from $1,386 million in Q1/16. Total net revenue of $5,324 million was up 5.7% from $5,037 million for the same quarter one year ago.

The following highlights were excerpted from the news release:

• Average lease financing loans of $5,455 million in Q1/17 were up 4.1% or $217 million from $5,238 million in Q1/16.
• Net interest income of $2,995 million in Q1/17 was up 3.7% from $2,888 million in Q1/16. Noninterest income of $2,329 million was up 8.4% from $2,149 in Q1/16.
• Average total loans grew 4.1% over Q1/16 and 0.2% on a linked quarter basis.
• Net interest margin of 3.03% for Q1/17 decreased 3 basis points from Q1/16, due to loan mix and reinvestment yields, and grew five basis points over Q4/16, due to the favorable impact of higher interest rates.
• Nonperforming assets decreased 13.0% on a year-over-year basis and 6.7% on a linked quarter basis.

U.S. Bancorp president and CEO Andy Cecere said, “U.S. Bancorp once again delivered industry-leading returns and profitability in the first quarter of 2017 as we leveraged our diverse business platform and our investments in innovation to deliver the entire bank to our customers in the ways they want to interact with us. We strive to continually improve upon our best-in-class performance, and we are well positioned to do so against the backdrop of an evolving economic and regulatory environment.

“In the first quarter, we maintained our industry-leading performance – a U.S. Bancorp hallmark. Our return on average common equity was 13.3% and, compared to a year ago, diluted earnings per share grew by 7.9%, supported by strong revenue growth and stable credit quality. We also returned 78% of earnings to shareholders.

“In everything we do at U.S. Bancorp, we work to become the most trusted choice for our customers, shareholders and communities. In the first quarter, we were fortunate to be recognized for our commitment to ethics and integrity by the Ethisphere Institute, which named U.S. Bank to its World’s Most Ethical Companies list for the third year in a row. We are proud of this recognition and how it affirms our culture of trust. It is a culture that was fortified by our Executive Chairman Richard Davis and a culture that I will preserve and cultivate in my new role.

“I am excited for the future and working with our employees who have a unique capability to help U.S. Bancorp deliver consistent growth while exploring innovations that create dynamic opportunities with our customers, and accomplishing it all with a commitment to being our customers’ most trusted partner. We are well positioned to create long-
Term value for our shareholders, customers, communities and employees.”