The FDIC recently released impressive figures in their Q1 report of U.S. bank performance.
Aggregated net income for financial institutions was $44 billion in the first quarter of 2017. This is a 12.7 percent increase from the year prior. Community banks shared this growth with a 10 percent increase. Collectively, more than half of all financial institutions reported year-over-year growth in Q1 earnings.
The report cited an increase in both interest and non-interest income as the primary drivers for revenue growth. The $2.1 billion in non-interest revenue growth is reflective of the drive to diversify products and grow revenue streams. Continue reading