With tax changes, U.S. bank profits drop 41 percent in fourth quarter

U.S. banks and savings institutions insured by the FDIC earned $164.8 billion in 2017, 3.5 percent less than in 2016, the FDIC reported.

The biggest hit came in the fourth quarter, in which the 5,670 insured institutions earned $25.5 billion, down 41 percent from the same quarter in 2016. That was largely due to one-time charges related to the new tax reform law. Most of the charges were the result of what is called deferred tax assets, losses the banks took from bad loans and foreclosed real estate…

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