U.S. Bank's wealth management businesses turned in an extraordinarily strong second-quarter performance, according to the latest financial results released by the bank on Friday.

The Minneapolis-based bank generated $523 million in second-quarter revenue from wealth management and securities services, up a notable 14.7% from the same period a year ago and up 5.4% from the prior quarter. For the first six months of 2016, the business line reeled in $1 billion, up 14% year-over-year.

Image: Bloomberg
Image: Bloomberg

Second-quarter profits were even more impressive, jumping 56.3% to $100 million from $64 million a year ago. For the first six months, wealth management and securities services earned $180 million, a startling 56.5% increase year-over-year.

The growth was due in part to trust and investment management, which posted a 7.2% year-over-year increase in revenue, reflecting lower money market fee waivers, the bank said in the earnings release.

"We would anticipate that that sort of growth would continue given the rebound in the markets and where we're at today," Richard Davis, chairman and CEO of U.S. Bancorp, said in answer to a question about trust and investment management during the earnings call.

The bank's wealth management and securities services are delivered through five distinct businesses, including U.S. Bancorp Wealth Management. The services range from private banking, investment and retail brokerage to financial advisory, insurance, trust, custody and fund servicing, the company explained in the earnings release.

Of the five businesses, U.S. Bancorp Wealth Management was the top revenue generator, bringing in $182 million, or 34.8% of the total $523 million posted. Revenue from wealth management was flat from both the prior year and quarter.

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Overall, U.S. Bank's parent company earned $1.5 billion, or 83 cents per diluted common share, in the second quarter, compared with $1.5 billion, or 80 cents per diluted common share, in the same quarter a year ago.

"The second quarter was a record quarter for us as we once again delivered industry-leading returns, steady loan growth and strength in our fee-based businesses," Davis said in a statement.