U.S. Bancorp profit rose 20 percent to $2.18bn as fee revenue jumped

U.S. Bancorp earned $2,177m in the second quarter, up 20 percent from a year earlier, or $1.35 per diluted share against $1.11. Net revenue set a record at $7,712m. Fee revenue rose 13.2 percent and net interest income rose 7.5 percent on a taxable-equivalent basis, to $4,387m. The efficiency ratio improved to 57.1 percent, from 59.2 percent a year earlier, and return on tangible common equity reached 18.7 percent. Average loans grew 7.1 percent from a year earlier, to $405.5bn, and 3.0 percent from the first quarter, while average deposits rose 2.4 percent and the common equity tier 1 ratio held at 10.8 percent. The net charge-off ratio fell to 0.53 percent, from 0.59 percent. The quarter included the completed acquisition of BTIG, which added about $98m of fee revenue and $84m of noninterest expense. Figures are from the company's earnings release, filed with the SEC.