U.S. banks rake in their highest profits ever. Their Q2 earnings was $60.2 billion, according to the FDIC. That marks a surge of +25% from the year-ago period, with more than half of the growth attributed to the tax cuts implemented under U.S. President Donald Trump’s administration. In the preceding quarter, banks made $56 billion in profit.
The industry group American Bankers Association said that the “"real driver of earnings" was increased lending, while also acknowledging the role of lower taxes, deregulation and firming macroeconomic fundamentals.