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March 5, 2021

CT bank profits down 22% in 2020

PublicDomainPictures from Pixabay
By Matt Pilon

Connecticut’s nearly three dozen state-based banks saw their annual profits fall 22% in 2020, a year consumed by the COVID-19 pandemic, low interest rates and economic contraction.

Those 34 banks reported full-year net income of $1.04 billion, down from $1.34 billion in 2019, according to recently released data from the Federal Deposit Insurance Corp.

The 22.1% decline was lower than the national decline, where banks saw profits fall 36.5%, according to the FDIC.

However, fourth-quarter performance was improved from a year ago, both in Connecticut and nationally.

Connecticut banks posted profits of $362 million for the three months ended Dec. 31, up from $255 million in the final quarter of 2019, an increase of 42%. Across the country, banks’ fourth-quarter profits were up 9.1% year over year, the FDIC said.

“While banking industry income for the full year 2020 declined from full year 2019 levels, banks remained resilient in fourth quarter 2020, consistent with the improving economic outlook,” FDIC Chairman Jelena McWilliams said in a statement.
 

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