Categories: Agenda

Banking sector declined in the USA

The profits of the banking sector in the USA decreased by 70 percent in the second quarter

The profit of the banking sector in the USA fell by 70 percent in the second quarter of this year compared to the same period last year due to the economic effects of the new type of coronavirus (Kovid-19) epidemic.

After the coronavirus epidemic, there is a big decline in the USA, which has the best economy in the world. Especially in the administration of Donald Trump, US citizens suffered a great economic injury in a very difficult period.

The profit of the banking sector in the USA fell by 70 percent in the second quarter of this year compared to the same period last year due to the economic effects of the new type of coronavirus (Kovid-19) epidemic. 5 thousand 66 commercial banks and savings It was recorded that the net profit of the institution was calculated as 18.8 billion dollars in the second quarter of this year.

Reminding that the said profit was 62.5 billion dollars in the same period of the previous year, it was stated that the profits of the banks decreased by 70 percent in the second quarter of this year compared to the same period of the previous year.

In the statement, it was pointed out that the decline in bank profits was due to uncertain economic conditions.FDIC President Jelena McWilliams stated that the economic pressure caused by the Kovid-19 outbreak continues to affect banks’ earnings, but the sector continues to be a “source of power” for the economy.

Noting that the banking sector continues to maintain strong capital and liquidity levels at the end of the second quarter of this year, McWilliams stated that this will protect against possible future losses.

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