November 26, 2019 / 3:33 PM / 13 days ago

U.S. banking sector profits dip by $4.5 bln in Q3 2019 - FDIC

WASHINGTON, Nov 26 (Reuters) - Profits across U.S. banks dipped slightly to $57.4 billion in the third quarter of 2019, as “nonrecurring events” at three large financial institutions drove down sector growth, the Federal Deposit Insurance Corporation reported Tuesday.

The $4.5 billion decline drove profits to 7.3% lower than where they stood one year ago, but the FDIC said 62% of banks reported annual profit increases, and just 4% of banks were unprofitable. However, net interest income grew just 1.2 percent compared to a year ago, the slowest rate of growth since the end of 2014. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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