Banks Net Income Drops As Mortgage Activity Slows: FDIC

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Mani
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FDIC-insured banks’ quarterly net income dropped by $3.1 billion to $37.2 billion, thanks to lower non-interest income from reduced mortgage-related activity, FDIC’s Quarterly Banking Profile revealed. The FDIC’s First Quarter 2014 Quarterly Banking Profile shows that despite a drop in earnings, a majority of banks reported an increase in quarterly net income compared to a year ago. Drop in earnings The quarterly review shows that FDIC-insured banks posted net income of $37.2 billion compared to the $40.3 billion clocked a year ago. The decline is attributed to narrow margins, modest loan growth, and a decline in non-interest income as higher interest rates have reduced mortgage-related activity…

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Mani is a Senior Financial Consultant. He has worked in Senior Management role in large banking, financial and information technology organizations. He has provided solutions for major banking and securities firms across the globe in the area of retail, corporate and investment banking. He holds MBA (Finance) and Professional Management Accounting Qualifications. His hobbies are tracking global financial developments and watching sports