FDIC: Mortgage slowdown hit bank income in Q1

|By:, SA News Editor

Banks' Q1 net income of $37.2B fell 7.7% from a year ago, according to the FDIC, which took the measure of 6,730 U.S. lenders. It's just the 2nd time in the last 19 quarters that Y/Y income has declined.

Behind the fall was a plunge in mortgage business, with income from the sale, securitization, and servicing of 1-4-family mortgages of $3.5B falling from $7.5B in 2013. Bank trading revenue also took a hit - falling 18.3% from a year ago.

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