Financial Institutions' Net Income Drops 43.9% Amid FDIC's Special Assessment

Financial institutions’ net income dropped 43.9% in the fourth quarter of 2023.The net income of commercial banks and savings institutions insured by the Federal Deposit Insurance Corp. (FDIC) totaled $38.4 billion in the fourth quarter of 2023, down $30 billion from the previous quarter, the FDIC said in a Thursday (March 7) press release.Their net income for the full year was down 2.3%, or $6 billion, compared to 2022, according to the release.The quarter-to-quarter drop was driven by nonrecurring, nonint ...