By Pete Schroeder WASHINGTON (Reuters) - U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Pete Schroeder
The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior. The quarterly report on bank finances has become closely watched in the wake of spring turmoil in the banking sector, which saw three large firms, including Silicon Valley Bank, fail in the face of large unrealized losses that spooked depositors.
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