The Minneapolis-based bank said net income rose to $974 million, or 49 cents per share, from $602 million, or 30 cents per share, a year earlier.
Analysts on average had forecast net income of 46 cents per share, according to Thomson Reuters I/B/E/S.
Revenue increased 7.9 percent to $4.7 billion.
The Midwestern bank has been one of the strongest regional lenders since the 2008 financial crisis, with relatively low levels of loan losses compared with its peers.
Shares of US Bancorp were down 0.4 percent at $27.20 in trading before the market opened.
(Reporting by Joe Rauch; Editing by Lisa Von Ahn)