Earnings of Banks and Savings Institutions
Third-quarter earnings for FDIC-insured commercial banks reached record levels. For 1999:IIIQ, commercial banks’ net income rose to $19.4 billion, surpassing the previous quarterly record of $18.0 billion, set in 1999:IQ. Third-quarter profits were $4.4 billion stronger than the previous quarter. The FDIC attributes the rise in profits to strong revenues in noninterest income and to containment of overhead expenses, resulting in the best efficiency ratio on record for banks.
Suggested citation: "Earnings of Banks and Savings Institutions," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-02, pp. 15, 02.01.2000.