U.S. banks reported a 3.2% rise in third-quarter net income from a year earlier, as loan delinquencies remained under control despite a challenging economic environment, the Federal Deposit Insurance Corporation (FDIC) said Thursday.
Jointly, banks posted $71.7 billion in profits. The FDIC compiles data from 4,746 commercial banks and savings institutions insured by it.
Martin J. Gruenberg, FDIC acting chairman, said in a statement that higher inflation and interest rates, as well as geopolitical uncertainty will continue to challenge banks.
