U.S. banking sector reports $62 billion profit in third quarter: FDIC

WASHINGTON (Reuters) - The U.S. banking sector reported $62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, according to quarterly data from the Federal Deposit Insurance Corporation

Reuters November 21, 2018 00:06:28 IST
U.S. banking sector reports $62 billion profit in third quarter: FDIC

US banking sector reports 62 billion profit in third quarter FDIC

WASHINGTON (Reuters) - The U.S. banking sector reported $62 billion in profits in the third quarter, up 29.3 percent from the same period a year ago, according to quarterly data from the Federal Deposit Insurance Corporation.

The regulator said in a statement that profits were boosted by a lower effective tax rate and higher operating revenues.

(Reporting by Katanga Johnson)

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