The American banking sector saw an increase in profit in the first quarter of the year driven by a leap in non-interest debates, according to new figures from the government.
In one announcement Of the Federal Deposit Insurance Corporation (FDIC), the agency says that financial institutions in the US have reported a return of 1.16% and the net income of $ 70.6 billion.
The FDIC says that the increase in income was a jump of $ 3.8 billion, or 5.8%, compared to the previous quarter.
Says FDIC -IMPORTANCE CHAIRE HILVIS HILL,
“With strong capital and liquidity level in support of lending and protecting against potential losses, the banking sector continued to support the needs of the country for financial services and at the same time navigate through the challenges presented by economic uncertainty, increased inflation and interest rates, strict credit and increased non -geried losses.”
Earlier this month, Market Intelligence Giant S&P Global reported that the top four American banks have seen their assets grow in the past three months by no less than $ 681.71 billion.
S&P Global says that the combined assets of JPMorgan Chase, Bank of America, Citibank and Wells Fargo have risen by 5.9%or $ 681.71 billion in the first quarter of the year.
The mass growth of assets is in stark contrast to “a contraction of 2.9% in the previous quarter.”
“JPMorgan Chase & Co., the largest American bank at $ 4,358 trillion in total assets from 31 March, reported an increase of $ 355.04 billion in assets in the first quarter. That meant the third highest consecutive consecutive increase in the 50 largest banks in the country at 8.9%.
Citigroup Inc. placed the second highest consecutive growth at 9.3%, or an increase of $ 218.57 billion in assets.
Bank of America Corp. reported the growth of the assets of 2.7% compared to the previous quarter, while the assets of Wells Fargo & Co. In the same period by 1.1% rose. “
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