US banks made more than $60 billion in profits last quarter

NEW YORK – Federal regulators are saying that U.S. banks set a record by making more than $60 billion in profits in the second quarter, up more than 25 per cent from a year earlier.

Banks have been able to charge more interest on loans in recent months, and received a substantial boost from the tax law enacted last year that lowered corporate income tax rates.

There are more than 5,500 insured banks in the U.S. but the lion’s share of the profits were earned by the nation’s largest banks, the Federal Deposit Insurance Corporation said Thursday.

Nine banks that have more than $250 billion in assets earned roughly half of all profits, while banks with assets between $10 billion and $250 billion earned $21.7 billion in profits collectively.