FDIC: Year-end bank revenue down 36.5% in U.S. in 2020

FINANCIAL INSTITUTIONS across the country and in Rhode Island saw their 2020 profits slashed by 36.5% and 39.4%, respectively, compared with 2019, according to the Federal Deposit Insurance Corp. / COURTESY FEDERAL DEPOSIT INSURANCE CORP.
PROVIDENCE – While financial institutions recovered somewhat from the initial blow dealt by COVID-19, year-end profits were still down compared with the year before, according to the Federal Deposit Insurance Corp. The FDIC’s latest quarterly banking profile published on Feb. 23 showed that across the country, federal deposit institutions saw their 2020 net income slashed…

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