FDIC: Key indicators of the US banking industry improved in Q1, but book losses slightly increased

According to the FDIC’s quarterly assessment of 4,278 insured banks across the United States, the banking sector’s net profit rose by 3.6% quarter-on-quarter in the first quarter, reaching $80.5 billion. The total balance of loans and leases increased by 1.6% compared to the previous quarter and by 7.1% year-on-year, marking the fastest annual growth rate since the second quarter of 2023. The FDIC stated that the quarterly profit growth was mainly driven by non-interest income growth at large banks.