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According to the Financial Times, which cited BankRegData, this occurred against the backdrop of the crisis brought on by the failure of two significant banks and intense stress in the industry, which experts describe as the strongest since the 2008 banking crisis. The analysts calculated that only 5% of American banks (197 businesses) had losses in the first quarter.
As noted by the Financial Times, the expansion of the labor market, falling loan default rates, and rising interest rates all contributed to the success of U.S. banks. Independent banking adviser Bert Ely notes that "most of the industry is fine," and "the economy is still in pretty good shape, and that's what's driving these profits." The largest U.S. bank by assets, JPMorgan Chase, made the highest profit at $11.7 billion.
The largest loss, $ 1.2 billion, was recorded at PacWest Bank in California, which is currently examining potential options with outside advisors. Silvergate Bank, which lost $538 million during the quarter and announced its closure in early March, suffered the second-largest loss.
It is unlikely to anticipate that banks would report record or at least high profits in the current quarter, according to the Financial Times. This is demonstrated by the fact that, according to the same BankRegData, the overall cost of interest paid by banks increased by 10 times over the previous year to $85 billion in the first quarter.
source: ft.com
As noted by the Financial Times, the expansion of the labor market, falling loan default rates, and rising interest rates all contributed to the success of U.S. banks. Independent banking adviser Bert Ely notes that "most of the industry is fine," and "the economy is still in pretty good shape, and that's what's driving these profits." The largest U.S. bank by assets, JPMorgan Chase, made the highest profit at $11.7 billion.
The largest loss, $ 1.2 billion, was recorded at PacWest Bank in California, which is currently examining potential options with outside advisors. Silvergate Bank, which lost $538 million during the quarter and announced its closure in early March, suffered the second-largest loss.
It is unlikely to anticipate that banks would report record or at least high profits in the current quarter, according to the Financial Times. This is demonstrated by the fact that, according to the same BankRegData, the overall cost of interest paid by banks increased by 10 times over the previous year to $85 billion in the first quarter.
source: ft.com
