US bank profits up 29% in the first quarter of 2021

The US Federal Deposit Insurance Corporation (FDIC) said in its quarterly banking report today that US bank profits rose 29.1% during the first quarter of 2021. Deposits increased by $ 635.2 billion, 3.6% to $ 18.5 trillion in the first quarter of this year, and total assets increased by $ 680.9 billion, or 3.1% to $ 22.6 trillion, compared to the same period last year.

The report also showed that three quarters of all banks, or 74.8%, recorded a higher quarterly net income compared to the same quarter of last year, and that the share of non-profitable institutions fell to 3.9% compared to 7.4% in the same period last year, and loan balances declined from the previous quarter, driven by a decrease. Credit card balances.