“The FDIC's latest Quarterly Banking Profile indicates that the banking industry remains on firm footing even as economic headwinds persist. Loans grew in the quarter, credit quality remained strong and net income remained high by historical standards.
“Deposits moderated slightly but remained at healthy levels. With a strong base of reserves to cover potential credit losses, banks pulled back slightly on provisioning in the third quarter while keeping an eye toward future risks.
“The industry remains well capitalized, as Chair Gruenberg noted, and continues to display remarkable resilience despite the challenges posed by inflation, the rise in interest rates and global events.”
About the American Bankers Association
The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.
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