U.S. banking sector reports $62.6 bln in profits for Q2 of 2019

WASHINGTON, Sept 5 (Reuters) - The U.S. banking sector reported $62.6 billion in profits in the second quarter of 2019, an increase in profit levels from the prior year, according to data from the Federal Deposit Insurance Corporation (FDIC).

U.S. bank profits increased by $2.5 billion, a 4.1% jump compared with the second quarter of 2018. The FDIC said the profits were driven by higher net interest income.

The FDIC also reported that the number of “problem banks” had fallen from 59 to 56 in the second quarter, marking the lowest level of struggling institutions since the first quarter of 2007. (Reporting by Katanga Johnson Editing by Chizu Nomiyama and Jonathan Oatis)