U.S. Bancorp (USB) reported net income of $1.502 billion for the third quarter of 2016, or 84 cents per diluted common share, compared with $1.489 billion, or 81 cents per diluted common share, in the third quarter of 2015. Return on average assets was 1.36 percent and return on average common equity was13.5 percent. For the year to date, net income was $4.410 billion, an increase from $4.403 billion at this time one year ago.

“U.S. Bancorp reported solid, industry-leading financial results in the third quarter. The banking industry continues to face steady headwinds, including persistently low interest rates, a flat yield curve, and a slow economic recovery that caused some commercial customers to pause investments in their businesses during the quarter,” Chairman and Chief Executive Officer Richard K. Davis said in the quarterly report. “Despite the operating environment, we announced record earnings per share and solid revenue growth, particularly within our fee-based businesses.”