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U.S. Bancorp profit buoyed by loan growth

U.S. Bancorp said its second-quarter earnings rose to $1.5 billion, just beating Wall Street estimates as customers took out more loans and the bank benefited from recent interest-rate increases.

The company's average loans grew 3.4% to $275.5 billion from last year and 0.9% since the last quarter. U.S. Bank executives earlier this year had dampened expectations for loan growth, warning that commercial clients are slowing borrowing through traditional loans, a trend the entire banking industry faces.

But U.S. Bank Chief...