The One World Trade Center and the Financial District in New York are seen from a local park in Weehawken, New Jersey, as the coronavirus disease (COVID-19) outbreak continues in New York, U.S., March 22, 2020. REUTERS/Eduardo Munoz
November 30, 2021
WASHINGTON (Reuters) – U.S. bank profits fell 1.2% in the third quarter of 2021 to $69.5 billion as firms were slower to shrink their credit loss provisions and grappled with record-low interest rates, the Federal Deposit Insurance Corporation reported Tuesday.
Bank profits are still up nearly 36% from the same time a year ago, and the net interest margin rose from a record low in the second quarter to 2.56%. The rate of noncurrent loans for banks fell to 6.3%, and the net charge-off rate for loans no longer expected to be repaid fell to 0.19%, the lowest level on record.
(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)
Source: One America News Network
