Wall Street stands empty as people stay away from the area due to the coronavirus on March 24, 2020 in New York City.Bank profits slid about 70% in the first quarter as banks diverted billions of dollars in profits to loan-loss reserves, the Federal Deposit Insurance Corporation said in aCash held to protect against soured loans jumped to $197 billion from $125 billion in the year-ago period as lenders braced for intense pandemic fallout.
The profit shock contributed to bank stocks' sharp first-quarter declines, but the bolstering of loss protections shows firms doing their job to mitigate a wave of bankruptcies, Jelena McWilliams, chairman of the FDIC, said in a statement. Just over half of FDIC-covered firms reported year-over-year net income declines, and the total share of unprofitable institutions jumped to 7.3%.
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