WASHINGTON - Profits for the U.S. banking sector surged 79.5% to $64.2 billion in the first quarter of 2024, boosted primarily by large banks not shouldering billions in special fees they were directed to pay to recover costs incurred by bank failures last spring.
Overall, the FDIC said asset quality metrics remained generally favorable, but noted deterioration in credit card and commercial real estate portfolios. In particular, the FDIC said the noncurrent rate for non-owner occupied CRE loans was now at 1.59%, its highest level since the fourth quarter of 2013, driving primarily by office portfolios at large banks.
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