US bank profits jump 11% in Q2 2024 as expenses shrink, FDIC says

WASHINGTON (Reuters) – The U.S. banking industry recorded $71.5 billion in profits in the second quarter of 2024, an 11.4% jump from the prior quarter, the Federal Deposit Insurance Corporation reported Thursday.

Profits were boosted by shrinking expenses at banks, as well as higher non-interest income, the regulator said. However, it also noted that signs of strain in commercial real estate and credit card borrowing had jumped to levels not seen in a decade.