U.S. bank profits drop as industry slows reductions in credit loss provisions - FDIC
Reuters2021-09-08
WASHINGTON, Sept 8 (Reuters) - U.S. bank profits fell 8.3% to $70.4 billion in the second quarter of 2021 as firms slowed their reductions in credit loss provisions, the Federal Deposit Insurance Corporation reported Wednesday.
The regulator also reported that average net interest margin for banks hit a new record low of 2.5%, although loan balances actually grew slightly for the first time since the second quarter of 2020 on the back of stronger borrowing for cars and credit cards.
(Reporting by Pete Schroeder Editing by Chizu Nomiyama)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
