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US bank profits down 70per cent from year prior on coronavirus uncertainty

US bank profits down 70per cent from year prior on coronavirus uncertainty

FILE PHOTO: A man wears a protective mask as he walks past the New York Stock Exchange on the corner of Wall and Broad streets during the coronavirus outbreak in New York City, New York, U.S., March 13, 2020. REUTERS/Lucas Jackson

WASHINGTON: U.S. bank profits were down 70per cent from a year prior in the second quarter of 2020 on continued economic uncertainty driven by the coronavirus pandemic, a regulator reported Tuesday.

Bank profits remained small as firms build up cushions to guard against future losses and business and consumer activity dropped, according to the Federal Deposit Insurance Corporation. Bank deposits climbed by over US$1 trillion for the second straight quarter, and the regulator said the industry has "very strong" capital and liquidity levels.

(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)

Source: Reuters

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