Search
 

U.S. banks had $40.2 billion profit in second quarter, FDIC says

U.S. banks reported Q2 profits as lenders cut costs to offset a decline in trading income.

By Jesse Hamilton | Updated on August 28, 2014
U.S. banks had $40.2 billion in net income in the second quarter as lenders cut costs to offset a decline in trading income, the Federal Deposit Insurance Corp. said in its quarterly snapshot of the industry’s performance.

After a record-setting 2013 averaged $38.6 billion in industrywide profit per quarter, banks have had mixed results this year, the FDIC said in the Quarterly Banking Profile released in Washington today.

“Net income was up, asset quality improved, loan balances grew at their fastest pace since 2007, and loan growth was broad-based,” FDIC Chairman Martin Gruenberg said in a statement. The agency is still focusing on challenges including pressure from narrow net interest margins and “increasing higher-risk loans to leveraged commercial borrowers,” he said.

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.