The banking industry had its second most profitable quarter in 23 years in the April-June period, according to SNL Financial.
Aggregate net income among U.S. banks and thrifts was $40.2 billion in the second quarter, the Charlottesville, Va.-based data collector said
Net interest income for the second quarter rose 2% year over year, to $105.5 billion. However, banks recorded $63.5 billion of noninterest income during the second quarter, down 6% from a year earlier.
Meanwhile, loans held by the banking industry increased 2%, to $8.1 trillion. SNL said that was the first time loans topped the $8 trillion mark since 1991.
The aggregate provision for loan losses declined 23%, to $6.6 billion, compared with a year earlier.
Additionally, total noninterest expenses fell by 2% from a year earlier, to $104.9 billion.
SNL's data, which is not adjusted for inflation, is based on quarterly financial results banks file with regulators.