U.S. banking profits hit record $60 billion in second quarter: FDIC

The following article by Pete Schroeder was posted on the Reuters.com website August 23, 2018:

WASHINGTON (Reuters) – The U.S. banking sector reported a record $60.2 billion in profits in the second quarter, up 25.1 percent from the same period one year ago.

The Federal Deposit Insurance Corporation reported on Thursday that a little more than half of those gains resulted from a lower effective tax rate. The other half of the gains came from higher net interest income, it said.

Only 3.8 percent of banks reported net losses, while more than 70 percent reported year-over-year growth.

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