US banks increased net profit by 8.7% in the first quarter

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In the first quarter, US banks increased their cumulative net income by 8.7% year-on-year to $60.7 billion. These data are reported by the Federal Deposit Insurance Corporation. Of the 5,362 US financial institutions, statements of which were analyzed, more than two thirds indicated an increase in profits. The share of unprofitable banks was below 4%. During the earnings period, the net interest income of banks amounted to 139.9 billion dollars, an increase of 6% over the year. Net interest margin was 3.42% versus 3.32% a year earlier. An increase in the average return on assets of banks to 1.35% from 1.28% was also noted. Reports of banks indicated an annual increase in total volumes of loans on their balance sheets. The figure rose by 4.1%. At the end of the quarter, 59 problem banks were recorded in the country, which is the lowest figure since the first quarter of 2007.

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