YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

FDIC institutions post aggregate drop in 2023 profits

Posted online

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. reported an aggregate drop in profits during 2023.

The 4,587 institutions insured by the FDIC had $256.9 billion in collective net income last year, according to a news release. That's down 2.3% from 2022.

"The banking industry has shown resilience after a period of liquidity stress in early 2023. Full-year net income remained high, overall asset quality metrics were favorable, and the industry’s liquidity was stable," FDIC Chair Martin J. Gruenberg said in the release. "However, 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."

In reporting an aggregate drop in profits among its insured institutions, the FDIC in the release cited nonrecurring, noninterest expenses, higher provision expenses and lower noninterest income.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
From the Ground Up: Sho-Me Fabrication LLC

Located in Partnership Industrial Center West, across the street from Vital Farms Inc. and Tank Components LLC, the new Sho-Me Fabrication building will include roughly 4,000 square feet of offices with more than 15,000 square feet of fabrication shop space, according to project officials.

Most Read
Update cookies preferences