US banking sector reports US$62.6b in profits for Q2 of 2019

[WASHINGTON] The US banking sector reported US$62.6 billion in profits in the second quarter of 2019, an increase in profit levels from the prior year, according to data from the Federal Deposit Insurance Corporation (FDIC).

US bank profits increased by US$2.5 billion, a 4.1 per cent jump compared with the second quarter of 2018. The FDIC said the profits were driven by higher net interest income.

The FDIC also reported that the number of "problem banks" had fallen from 59 to 56 in the second quarter, marking the lowest level of struggling institutions since the first quarter of 2007. 

REUTERS