USAA bank profit hits $1B for first time

USAA Federal Savings Bank, one of USAA's financial services subsidiaries, hit $1 billion in profit for the first time in 2018.

That’s a 43 percent increase in net income from 2017 to 2018, according to Federal Deposit Insurance Corp. records. By comparison, USAA Federal Savings Bank's profit increased 2.4 percent from 2016 to 2017, records show.

USAA Federal Savings Bank also grew its deposits from $71.1 million in 2017 to $71.9 million in 2018. It had $81.6 billion in total assets last year,…

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