U.S. bank profits rose to $76.8 bln in Q1 2021, a 29.1% jump from previous quarter

Reuters2021-05-26

WASHINGTON, May 26 (Reuters) - U.S. bank profits rose 29.1% during the first quarter of 2021 from the previous quarter as banks adjusted expectations for future credit losses downwards, a bank regulator said on Wednesday.

The industry posted $76.8 billion in first-quarter profits, up from $58.3 billion a year prior and $17.3 billion in Q4 2020, the U.S. Federal Deposit Insurance Corporation (FDIC) said.

It added that three-fourths of all banks (74.8 percent) reported higher quarterly net income compared with the year-ago quarter and that the share of unprofitable institutions dropped from 7.4 percent a year ago to 3.9 percent.

Loan balances declined from the previous quarter and year driven by a reduction in credit card balances, the agency added.

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Comments

  • Zhengxi
    2021-05-27
    Zhengxi
    Ok like and comment pls
  • 杰力安心睡大觉
    2021-05-27
    杰力安心睡大觉
    Prove bank again benefits from excess liquidity in market ..
  • SandDust
    2021-05-27
    SandDust
    They will keep rising as economy rebounce and interest rate goes higher
  • peterpak
    2021-05-27
    peterpak
    Wow.. 
  • wltan
    2021-05-27
    wltan
    Like and comment pls
  • yitong99
    2021-05-27
    yitong99
    Comment
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