US Bancorp has reported a net income of $1.56bn for the third quarter (Q3) ended 30 September 2017, an increase of 4% compared to $1.5bn a year ago.

The bank’s total net revenue during the reporting period was $5.61bn, up by 4% from $5.39bn in the same period last year.

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Net interest income on a taxable-equivalent basis was $3.18bn, 8% rise from $2.94bn in the previous year.

Net interest margin stood at 3.1% at the end of Q3 2017.

The bank’s provision for credit losses during the quarter increased by 11% to $360m from $325m a year earlier.

US 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 earnings per diluted share.

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“We produced best-in-class performance metrics, including return on average assets of 1.38 percent, return on average common equity of 13.6 percent and an improving efficiency ratio of 54.3 percent.

“We remain deeply committed to value creation for our shareholders, and in the third quarter, our dividend increased by 7.1 percent. Overall, we returned 79 percent of our earnings to shareholders through dividends and share buybacks.”