The Federal Deposit Insurance Corporation’s (FDIC) report for the third quarter of 2018 showed aggregate profits for insured commercial banks and savings institutions at $62 billion for the quarter, a $14 billion (29.3 percent) jump from the same period last year.
The agency attributed the uptick to higher net operating revenue combined with a lower effective tax rate. It is once again the most profitable quarter on record for the banking industry, topping each of the first two quarters of 2018.
Find out more details about the report.