US Bank Profits Tumble 44 Percent in Fourth Quarter 2023

Published on March 8, 2024

American banks saw their profits almost halve in the last quarter of 2023, with institutions facing more downside risk this year, according to the Federal Deposit Insurance Corporation (FDIC). Fourth-quarter net profits of 4,587 commercial banks and savings institutions insured by the FDIC came in at $38.4 billion, a decline of $30 billion, or 43.9 percent from the previous quarter, according to a Thursday press release from the organization. Full-year 2023 net profit dropped by 2.3 percent from the previous year. “Ongoing economic and geopolitical uncertainty, continuing inflationary pressures, volatility in market interest rates, and emerging risks in some bank commercial real estate portfolios pose significant downside risks to the banking industry,” said FDIC Chairman Martin J. Gruenberg....

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