US Bancorp quarterly profit rises 13.7%

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Regional lender US Bancorp reported a 13.7 percent rise in quarterly profit on Wednesday, driven by higher interest income and lower taxes.

Net income attributable to the bank rose to $1.68 billion, or 96 cents per share, in the first quarter ended March 31, from $1.47 billion, or 82 cents per share, a year earlier.

"We delivered solid growth in net interest income and high return fee businesses such as corporate payments, credit card, and wealth management and investment services," Chief Executive Officer Andy Cecere said.

Net interest income rose by 5.5 percent to $3.2 billion, as tax applicable to the company fell to $362 million from $499 million a year ago.

U.S. banks have benefited largely due to seven interest rate hikes by the Fed since 2015.