In the midst of a pandemic and a recession, the banking industry continued to prove its strength, the Federal Deposit Insurance Corp. (FDIC) reported.
In its Quarterly Banking Profile of the second quarter of 2020, the FDIC reported the banking industry posted $18.8 billion in profits. That is the 42nd consecutive quarter in which the banking industry has reported profits, according to the regulator, dating back to the fourth quarter of 2009.
Read on for details from the report, as well as reaction from the FDIC and industry trade associations.