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U.S. bank profits fell 36.5% in 2020 on pandemic concerns - FDIC

·1 min read

WASHINGTON, Feb 23 (Reuters) - U.S. bank profits fell 36.5%in 2020 from the year prior as banks set aside massive amountsto guard against potential losses, but the industry showed signsof strengthening in the fourth quarter as the economy begins torecover from the pandemic, a regulator reported Tuesday.

The industry posted $147.9 billion in profits in 2020, asharp decline from record 2019 profits, according the FederalDeposit Insurance Corporation, However, bank profits were up9.1% in the fourth quarter to $59.9 billion compared to a yearprior as firms shrank how much cash they set aside to guardagainst losses.(Reporting by Pete Schroeder)