Mubasher: The US banks’ profits declined during the fourth quarter of 2018, recording $59.1 billion, compared to $62 billion in the year-ago period.

However, profits increased by 18.5% year-on-year, compared to the comparative period of 2017, according to a report released by the Federal Deposit Insurance Corporation (FDIC).

This increase stemmed from the decline in taxes and the growth of operating income, the report found.

Net operating income (NOI) rose 6.3% year-on-year to $204.5 billion during the three month period ended 31 December.

About 60 US banks reported profit decline in Q4-18, FDIC’s data showed.