August 23, 2018 / 2:30 PM / 8 months ago

U.S. banking sector profits hit record $60.2 bln in Q2 2018 - FDIC

WASHINGTON, Aug 23 (Reuters) - The U.S. banking sector reported a record $60.2 billion in profits in the second quarter of 2018, up 25.1 percent compared to the same time one year ago.

The Federal Deposit Insurance Corporation reported Thursday that a little more than half of those gains were attributed to a lower effective tax rate. The other half of the gains came from higher net interest income, with just 3.8 percent of banks reporting net losses. Over 70 percent of banks reported year-over-year growth.

Banks had previously reported a record $56 billion in profits in the first quarter of 2018, as firms took advantage of the lower tax rates passed by Congress at the end of 2017. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)

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