WASHINGTON: US bank profits fell by 69.6 per cent to US$18.5 billion in the first quarter of 2020 from the year prior as banks felt the economic impact of the novel coronavirus pandemic, according to new data from a banking regulator.
The number of loans banks charged off as delinquent was up nearly 15 per cent, driven by an 87 per cent increase in charge-offs for commercial and industrial loans. Despite the setbacks, FDIC Chairman Jelena McWilliams said banks had been able to effectively serve clients in the downturn, and were a"source of strength for the economy.""Bank capital and liquidity levels remain strong," she added in a statement.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Volkswagen invests extra US$200 million in US battery company QuantumScapeVolkswagen is increasing its stake in U.S. company QuantumScape by up to US$200 million to boost the development of solid-state battery technology ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
US-Israel cybersecurity firm Salt Security raises US$20 millionJERUSALEM: U.S.-Israel cybersecurity startup Salt Security said on Tuesday it raised US$20 million in a funding round led by venture capital firm ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Golf: Berger wins playoff at Colonial in US PGA coronavirus returnWASHINGTON, DC: Daniel Berger parred the first playoff hole on Sunday (Jun 14) to defeat Collin Morikawa and capture the Charles Schwab Challenge, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Another police killing of a black man stokes US tension, debateWASHINGTON, DC: The fatal shooting of a black man by a white police officer, this time in Atlanta, Georgia, poured more fuel on Sunday (Jun 14) on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Russia more successful in dealing with COVID-19 than US: PutinMOSCOW: President Vladimir Putin said in a televised interview on Sunday (Jun 14) that Russia had been more successful in dealing with the ... When u have competent leader who cares n unite the people for one common purpose u have a end result of a successful outcome.....good for u russia
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Record spikes in new coronavirus cases, hospitalisations sweep parts of USNEW YORK (REUTERS) - New coronavirus cases and hospitalisations in record numbers swept through more US states, including Florida and Texas, as most push ahead with reopening and US President Donald Trump plans an indoor rally in Tulsa, Oklahoma.. Read more at straitstimes.com. No mentions of the riots and protests - but it is Trump’s folly for refusing to wear a mask?
Source: The Straits Times - 🏆 8. / 63 Read more »