WASHINGTON — U.S. banks posted a record $40.3 billion profit in the first three months of the year as the industry continued to recover from the financial crisis, though record low interest rates pose an obstacle to growth, the Federal Deposit Insurance Corp. said Wednesday.
The first-quarter profit tops the previous record set more than six years ago, before the crisis and Great Recession. The financial results were driven by the need to set aside less money to cover bad loans as well as some one-time savings, including proceeds from legal settlements.
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