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Net Income Rises to $45.6 Billion at FDIC-Insured Institutions In Third Quarter 2016

November 29, 2016 / Source: FDIC

FOR IMMEDIATE RELEASE
November 29, 2016

Media contact:
Julianne Fisher Breitbeil 
(202) 898-6895
jbreitbeil@fdic.gov

  • Banking Industry Net Income is $5.2 Billion Higher Than a Year Earlier
  • Community Bank Revenue and Loan Growth Outpace Industry
  • Total Loan Balances Rise 6.8 Percent During the Past Year

“The banking industry reported another positive quarter, but faces continued challenges.” 
-- FDIC Chairman Martin J. Gruenberg

Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $45.6 billion in the third quarter of 2016, up $5.2 billion (12.9 percent) from a year earlier. The increase in earnings was mainly attributable to a $10 billion (9.2 percent) increase in net interest income and a $1.2 billion (1.9 percent) rise in noninterest income. One-time accounting and expense items at three institutions had an impact on the growth in income. Banks increased their loan-loss provisions by $2.9 billion (34 percent) from a year earlier. Financial results for the third quarter of 2016 are included in the FDIC’s latest Quarterly Banking Profile released today.

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