U.S. bank profits rose 29% as outlook for future credit losses adjusted

May 27, 2021

(In second paragraph fixes garble to read “up $58.3 billion from a year”)

By Katanga Johnson

WASHINGTON (Reuters) -U.S. bank profits rose 29.1% during the first quarter of 2021 from the previous quarter as banks adjusted expectations for future credit losses downward, a bank regulator said on Wednesday.

The industry posted $76.8 billion in first-quarter profits, up $58.3 billion from a year prior and $17.3 billion in the final quarter of 2020, the U.S. Federal Deposit Insurance Corporation (FDIC) said in its quarterly banking profile report.

The report data also showed that three-quarters of all banks, or 74.8%, reported higher quarterly net income compared with the year-ago quarter and that…

The report data also showed that three-quarters of all banks, or 74.8%, reported higher quarterly net income compared with the year-ago quarter and that the share of unprofitable institutions dropped from 7.4% a year ago to 3.9%.

Loan balances declined from the previous quarter and year, driven by a reduction in credit card balances, the agency added.

FDIC Chairman Jelena McWilliams said the new data shows, despite continued challenges, “the banking industry remains resilient. Strong capital and liquidity levels support lending needs and help protect against potential losses.”

The new data also showed deposits grew by $635.2 billion, or 3.6%, from a quarter prior to $18.5 trillion.

This lift in U.S. consumers’ savings repeats a trend of previous quarters of unprecedented deposit growth, the regulator said.

“We’ve had record savings rates since the beginning of the pandemic, but this influx of deposits is not permanent,” an agency official told reporters.

“As the economy continues to expand due to consumers and businesses starting to spend again, we will see a significant moderation in growth,” another official added, saying that the agency will continue to monitor deposit trends.

Total assets increased by $680.9 billion, or 3.1%, from the previous quarter to $22.6 trillion.

Cash and balances due from depository institutions expanded by $440.1 billion, or 13.8%, while securities rose a record $366.9 billion, or 7.2%.

Three new banks opened and 25 institutions merged in first quarter 2021. No banks failed during the quarter, the FDIC data showed.

The number of institutions on the FDIC’s so-called problem bank list declined by one to 55 from the previous quarter.

(Reporting by Katanga Johnson; Editing by Steve Orlofsky)

Maintaining sound care of your own eyes is a great thing to do for yourself. You may miss out on a lot if your eyes are not in good eyesight. This article is great if you want to learn how to care of your eyes. Continue on eye care tips that are simple to follow. To get a practitioner that’s good, ask around and/or do an online search. A recommendation can help you find the best care possible. Wear your sunglasses for rays. Get a quality pair that has strong UV lenses and take them every time you go out.

The sun can damage your eyes and the delicate skin which surrounds them. Never take needless risks with the health of your eyes. While many people know to wear sunglasses in summer, you should know it is also important during the winter. This makes sense because snow reflects a great deal of light. Even when it does not snow, the sun gives off the harmful UV rays through the clouds.

The sunglasses should block UVA and UVB rays. Some poorly-made sunglasses may actually hurt your vision worse.

You may not realize this but what you eat may prevent many eye problems with your eyes. Studies show that eating foods rich in Vitamins E and C, zinc, and vitamins E and C can help prevent macular degeneration and cataracts. Foods that are rich in these nutrients are leafy green vegetables, nuts, beans, leafy green veggies, green vegetables will offer these nutrients.

If you are still smoking, you need to stop smoking immediately. Smokers are highly prone to eye disease. Quitting now will reduce your risk for cataracts and optic nerve damage.

Wearing sunglasses can really protect your eyesight. UV rays are able to harm skin and eyes even when it’s cloudy. The extra cost is well worth the protection provided to your eyes.

Pay attention to the heating or air conditioning is used in your home. Heating and air conditioning systems are one the primary causes of dry eye. This will keep your eyes from become irritated and dry.

Staring at a computer often can damage the lining of your eyes. You can also try to reduce any screen glare. You may need to buy an anti-glare computer screen.You want to be looking down on the screen.

Keep some saline solution handy. Many people do not wear eye protection while cleaning their homes. If cleaning chemicals or soap get in your eyes, use the saline solution to rinse it out.

Regular eye exams are an important part of your eye health. This is especially important when you age.Monitoring them can let the eye care specialist catch any problems early.