Reported about 7 hours ago
U.S. banking sector profits rose by 2.3% to $66.8 billion in Q4 2024, according to a Federal Deposit Insurance Corporation (FDIC) report, which also revealed changes in how 'problem banks' are tracked. The FDIC will now only disclose the number of banks downgraded, rather than their asset totals, to avoid instigating potential bank runs. Overall, banks' year-long profits for 2024 increased by 5.6%, aided by lower interest expenses and a decline in funds reserved for potential losses.
Source: YAHOO