Profits of US banks reached $ 76.8 billion in the first quarter of 2021, a jump of 29.1% from the previous quarter

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WASHINGTON (Reuters) – U.S. bank profits rose 29.1% in the first quarter of 2021 from the previous quarter as banks adjust their expectations for future credit losses downward, a banking regulator said on Wednesday .

The industry posted $ 76.8 billion in first-quarter profits, up from $ 58.3 billion a year earlier and $ 17.3 billion in the fourth quarter of 2020, the U.S. Federal Deposit Insurance Corporation (FDIC) said. .

He added that three-quarters of all banks (74.8%) reported higher quarterly net income compared to the quarter of the previous year and the share of unprofitable institutions increased from 7.4% il a year ago at 3.9%.

Loan balances declined from the previous quarter and year due to reduced credit card balances, the agency added.

Reporting by Katanga Johnson

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