June 16, 2020 / 3:02 PM / 19 days ago

U.S. bank profits fell 69.6% in Q1 2020 as pandemic spread - FDIC

WASHINGTON, June 16 (Reuters) - U.S. bank profits fell by 69.6% in the first quarter of 2020 from the year prior as banks felt the economic impact of the coronavirus pandemic, according to new data from a banking regulator.

The Federal Deposit Insurance Corporation reported that “deteriorating economic activity” drove bank profits down to $18.5 billion, as firms wrote off more delinquent debt and set aside more for future losses. Over half of all banks reported a profit decline, and 7.3% of firms were unprofitable. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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