U.S. Bancorp's (USB) second-quarter profit inched up 4.9% as the firm cut expenses and set aside less for soured loans, an article in Businessweek reported. 

Additionally, the mega bank's net income grew to $1.48 billion, or 76 cents a share, compared to $1.42 billion, or 71 cents a share, a year prior, the article said.

CEO Richard Davis has boosted annual revenue every year since taking over in 2006. The bank has been expanding in businesses including corporate-trust services and hedge-fund asset administration as it seeks to increase fee revenue amid weak loan growth and a slowdown in mortgage refinancing.