Statement on FDICs QBP

“The FDIC's latest Quarterly Banking Profile shows that the banking industry remains resilient amid continued economic uncertainty. Banks of all sizes saw continued loan growth in the second quarter as credit quality remained strong and delinquency rates stayed low. As Chairman Gruenberg noted, net income also remained high in the second quarter by historical standards.

“Despite tightening monetary policy and intense competition, deposits remained largely stable and banks continued to meet their customers' credit needs. Anticipating continued economic headwinds in the months ahead, banks increased loan-loss provisioning to ensure they are prepared for future risks.

“All told, the latest QBP shows that the industry remains well capitalized and continues to support businesses and communities across the U.S. In addition, banks are also supporting the economy by employing more than 2.1 million people dedicated to meeting the needs of their customers.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

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