U.S. Bancorp has reported net income of $1.48bn for the fourth quarter of 2016, marginally up compared to $1.47bn in the same quarter of 2015.

For the quarter ended 31 December 2016, the bank’s total net revenue stood at $5.43bn, an increase of 4.3% compared to $5.21bn a year ago.

Net interest income on a taxable-equivalent basis was $3bn, a 4.6% rise from $2.87bn in the fourth quarter of 2016.    

The net interest margin was 2.98%, compared to 3.06% in the fourth quarter of 2015.

The bank’s provision for credit losses was $342m, an increase of 12.1% from $305m in the year ago period.

U.S. Bancorp chairman and CEO Richard Davis said: “U.S. Bancorp delivered an outstanding performance in 2016 with record net income, EPS, and revenue. In a challenging year where the economic environment was often unpredictable, we delivered industry-leading returns, we made important investments in our long-term growth strategy, and we returned 79 percent of our earnings to shareholders through dividends and share buybacks.

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“As importantly, the fundamental elements of our core businesses are solid and we are well positioned for growth as we enter 2017. With an intense focus on our customers and providing them with innovative products and services, we are optimistic we will continue to create outstanding value for our shareholders, customers, and communities.”