Net income at 4,238 insured lenders rose 12% to $90.1 billion in the second quarter despite higher unrealized losses.
US bank profits and lending increased in the second quarter even as unrealized losses edged higher, according to the Federal Deposit Insurance Corp., Bloomberg reported.
Net income rose 12% from the previous quarter to $90.1 billion across the nation’s 4,238 insured lenders. Earnings were helped by a 1-basis-point increase in the net interest margin to 3.32%.
The FDIC’s quarterly assessment indicates that banks continued to expand lending while maintaining profitability. The agency’s report also highlighted the increase in unrealized losses during the period.
