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U.S. bank profits dip slightly as banks slow shrinking credit loss provisions -Breaking

by Mike Robinson

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© Reuters. As the coronavirus (COVID-19), outbreak in New York continues, the One World Trade Center in New York and Financial District can be seen from Weehawken’s local park. REUTERS/Eduardo Munoz

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WASHINGTON, (Reuters) – U.S. bank profits dropped 1.2% to $69.5 Billion in the third quarter 2021. This was due to slower credit losses reductions and increased interest rates. The Federal Deposit Insurance Corporation released Tuesday’s report.

The bank profits have increased by nearly 36% compared to the previous year. In addition, the net interest margin grew from its record low of 2.56 percent in the second quarter up to 2.56%. Banks’ non-current loan rates fell to 6.3% and net interest rate on loans that are not expected to be repaid dropped to 0.19 percent, which is the lowest record level.

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