May 22, 2018 / 2:33 PM / in a month

U.S. bank profits up 27.5 percent in Q1 2018 vs year-ago - FDIC

WASHINGTON, May 22 (Reuters) - U.S. banks reported $56 billion in profits in the first quarter of 2018, up 27.5 percent from one year ago as institutions began to take advantage of a lower effective tax rate, the Federal Deposit Insurance Corporation (FDIC) reported Tuesday.

Over 70 percent of U.S. banks reported growth in their year-over-year earnings, as the industry enjoyed higher net operating revenue along with a significantly lower corporate tax rate, according to the regulator. Net interest income was up 8.5 percent to $131.3 billion. (Reporting by Pete Schroeder)

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