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Profit in U.S. banks rise in Q3 despite challenging economic environment – FDIC


U.S. banks reported a 3.2% rise in third-quarter net income from a year earlier, as loan delinquencies remained under control despite a challenging economic environment, the Federal Deposit Insurance Corporation (FDIC) said Thursday.

Jointly, banks posted $71.7 billion in profits. The FDIC compiles data from 4,746 commercial banks and savings institutions insured by it.

Martin J. Gruenberg, FDIC acting chairman, said in a statement that higher inflation and interest rates, as well as geopolitical uncertainty will continue to challenge banks.

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