It’s apparently never been a more profitable time to be a bank in the United States, according to a report from CNBC.
Per CNBC’s report, the second quarter of 2016 was U.S. banks’ most profitable quarter of all time.
From CNBC:
Despite an increasing regulatory burden and amid lackluster share performance, the industry logged record profits for the period, topping the second quarter of 2015, according to figures from SNL Financial and S&P Global Market Intelligence.
Profits for the three-month period totaled $43.6 billion, compared to the $43.01 billion in Q2 of 2015, a 1.4% beat. On a sequential basis, the April-to-June period topped the previous quarter by $4.56 billion, an 11.7% rise.
Interestingly, the CNBC article notes that the growth in profits didn’t come from the “big four,” Wells Fargo, JPMorgan Chase, Citigroup, and Bank of America.
Again from CNBC:
In fact, while all four had profitable quarters, JPMorgan was the only one to record net income growth compared to the same period a year ago, according to SNL. The other three saw combined declines of nearly $1.4 billion.
