For the second time in a span of a year the banking industry has recorded a new record for profits in a single quarter. Profits for the second quarter of 2019 surpassed the previous record set in the third quarter of 2018, according to the Federal Deposit Insurance Corp.’s latest Quarterly Banking Profile.
FDIC Chairwoman Jelena McWilliams attributed the most recent net income gains to a $4.9 billion (3.7 percent) uptick in net interest income, and community banking groups were pleased at findings showing that community banks performed particularly well during the quarter.
Find out more details about the report’s results.