U.S. Bancorp reported Q3/15 net income of $1,489 million compared with $1,471 million in Q3/14. Earnings per share of $0.81 met the expectation of analysts’ polled by Thomson Reuters. Total Q3/15 net revenue of $5.15 billion was up from $4.99 billion a year earlier.

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

• Growth in average total loans of 3.8% over Q3/14
• Growth in average total commercial loans of 9.5% over Q3/14
• Growth in net interest income 2.7% year-over-year
• Growth in noninterest income of 3.7% year-over-year
• Net interest margin in Q3/15 was 3.04%, down from 3.16% in Q3/14
• Provision for Q3/15 credit losses of $282 million was down from $311 million in Q3/13
• Decline in net charge-offs of 13.1% from Q3/14
• Decreases in nonperforming assets of 18.5% on a Y/Y basis

U.S. Bancorp chairman, president and chief executive officer Richard K. Davis said, “I am proud of the financial performance our 67,000 employees delivered in the third quarter. Because of their hard work and dedication, we are operating from a position of strength as we grow revenue, manage expenses, seek to exceed customer expectations, and create value for shareholders in a demanding marketplace.

U.S. Bancorp achieved record diluted earnings per share (EPS) of $0.81 and continued to deliver industry-leading performance measures, with a return on average assets (ROA) of 1.44%, return on average common equity (ROE) of 14.1%, and an efficiency ratio of 53.9%. In addition, we returned 80% of our earnings to shareholders through dividends and share buybacks in the third quarter.”