U.S. Bancorp reported Q3/17 record net income of $1,563 million or $0.88 per diluted common share, compared with $1,502 million in Q3/16. Revenue was a record $5,608 million, up from $5,388 million in the same quarter a year earlier.

The following highlights were excerpted from the news release:

• Net interest margin of 3.10% for Q3/17 was 12 basis points higher than Q3/16 and 6 basis points higher than Q2/17.
• Nonperforming assets decreased 24.8% on a year-over-year basis and 7.3% on a linked quarter basis
• Average total commercial loans grew 4.6% over Q3/16
• Q3/17 average lease financing balances were $5,556 million, up 4.8% from $5,302 million a year earlier. Year-to-date 2017 average balances of $5,530 million were up 5% from $5,265 million a year earlier

U.S. Bancorp President and CEO Andy Cecere said, “In the third quarter, U.S. Bancorp delivered industry leading results, supported by record revenue, net income and earning per diluted share. We produced best-in-class performance metrics, including return on average assets of 1.38%, return on average common equity of 13.6% and an improving efficiency ratio of 54.3%.”