How strong is the banking industry? Only a pandemic could slow it down – and even then, the industry still made money.
A run of two years of the most profitable quarters in banking history came to an end in the first quarter of 2020, the Federal Deposit Insurance Corp. reported. Despite the onset of the COVID-19 pandemic, the agency reported that the 5,116 banks insured by the regulator reported an aggregate profit of $18.5 billion in the first quarter.
Read on for more details from the quarterly report, and reaction from industry representatives.