FDIC-Insured Institutions Reported Net Income of $76.8 Billion In First Quarter 2021 — 2021-05-26

FDIC-Insured Institutions Reported Net Income of $76.8 Billion In First Quarter  Quarterly Net Income Rose from a Year Ago Primarily Because of Negative Provisions for Credit Losses  Net Interest Margin Contracted Further, Setting a Record Low  Loan Balances Declined From the Previous Quarter and Year, Driven by a Reduction in Credit Card Balances  Asset Quality Improved  Community Banks Reported an Increase in Quarterly Net Income from a Year Ago “The banking industry reported positive results for first quarter 2021, reflecting optimism about the pace of the economic recovery. However, a record low net interest margin and slow loan growth could challenge banks going forward.” — FDIC Chairman Jelena McWilliams WASHINGTON— Reports from the commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reflect aggregate net income of $76.8 billion in first quarter 2021, an increase of $58.3 billion (315.3 percent) from a year ago.