American City Business Journals
Banks reap big profits as economy rebounds from Covid-19
Economic growth and improved credit drove the nation’s banks to $69.5 billion in aggregate profits in the third quarter of 2021, according to new data from the Federal Deposit Insurance Corporation. About 95.9% of the 4,914 commercial banks and savings institutions insured by the FDIC were profitable in the third quarter, and about two-thirds had reported gains in quarterly profits over the same quarter last year. “With strong capital and liquidity levels to support lending and protect against potential losses, the banking industry continued to support the country’s needs for financial services while navigating the challenges presented by the pandemic,” said FDIC Chairman Jelena McWilliams in a press release announcing the results.
