Archives for May, 2018
Posted: May 24, 2018 | Tags: BankTracker
The U.S. banking industry reported record profits of $56 billion in the first quarter of 2018, an increase of more than 27 percent over the same time last year, according to the Federal Deposit Insurance Corp.
This is the largest quarterly profit for banks in history, Julianne F. Breitbeil, a senior media relations specialist with the FDIC, said via email.
In a press statement, FDIC Chairman Martin J. Gruenberg attributed the record-breaking profits to “higher net operating revenue and a lower effective tax rate.”
President Donald Trump signed the Tax Cuts and Jobs Act last year, reducing the federal ...