The U.S. Federal Deposit Insurance Corporation reported bank profits at $68.4 billion in the most recent quarter, down 3.4% from the prior quarter.
Year over year, bank profits were down 4.6%, due in large part to banks setting aside more funds in provision expenses for potential loan losses, which were up 33.2% in the last four quarters.
Noninterest income was down $4.1 billion, or 5.2%, in the third quarter, while realized losses climbed $3 billion, the FDIC said.
"The banking industry continued to show resilience in the third quarter," said FDIC Chairman Martin Gruenberg in a prepared statement.
Gruenberg, who typically holds a press conference following the release of the quarterly report on bank profits, was not made available to reporters Wednesday.
Persons:
Sheila Bair, Jason Reed, Martin Gruenberg, Gruenberg, Sen, Joni Ernst, Pete Schroeder, Chizu
Organizations:
Federal Deposit Insurance Corp, REUTERS, Rights, U.S, Federal Deposit Insurance Corporation, FDIC, Republicans, Republican, Thomson
Locations:
Washington, Iowa