For the second straight quarter, banks enjoyed record profits, as reported by the Federal Deposit Insurance Corp. (FDIC) in its Quarterly Banking Profile.
The latest report indicated that FDIC-insured commercial banks and savings institutions saw more than $60 billion in aggregate profits in the second quarter of 2018, a 25.1 percent increase from the previous year. The FDIC attributed the profit gains to higher net interest income and the lower effective tax rate instituted by the new tax law enacted in 2017 by President Donald Trump.
Find out more details about the record-setting quarter.