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U.S. bank deposits fell at record pace, while profits flat in Q1: FDIC
U.S. banks saw total deposits decline by a record 2.5% in the first quarter of 2023, and industry-wide profits were relatively flat after taking into account the effects of two large bank failures, the Federal Deposit Insurance Corporation said Wednesday. The FDIC said the $472 billion in deposit outflows in the first quarter was primarily uninsured funds, as insured deposits actually rose 2.5% from January to March amid the failures of Silicon Valley Bank and Signature Bank. FDIC Chairman Martin Gruenberg said in a prepared statement the industry is "quite resilient."