Reported 4 months ago
In the first quarter of 2024, U.S. bank profits saw a significant 79.5% surge to $64.2 billion, largely attributed to large banks not bearing special fees related to failed banks from the previous year. The Federal Deposit Insurance Corporation reported that decreased noninterest expenses, reduced provision costs, and an increase in noninterest income were key factors driving the profit boost. While asset quality metrics remained positive overall, there were concerns over deteriorating credit card and commercial real estate loan portfolios, with the noncurrent rate for non-owner occupied CRE loans reaching its highest level since 2013. Additionally, the number of banks on the FDIC's "problem bank list" increased to 63, with deposits rising for the second consecutive quarter.
Source: YAHOO