US bank profits jump 79.5% as large firms shake off failed bank costs

WASHINGTON, D.C.: Profits for the U.S. banking sector surged 79.5 percent to US$64.2 billion in the first quarter of 2024, primarily due to large banks not shouldering billions in special fees imposed to cover the costs of last spring's bank failures.

The Federal Deposit Insurance Corporation (FDIC) reported that the significant increase in profits was mainly due to the absence of these special assessments, whic