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The US banking sector reported a strong first quarter with profits reaching $70.6 billion, driven by a surge in non-interest income. The FDIC highlighted a 5.8% increase in net income, signaling resilience amid economic challenges.
- FDIC reports a 5.8% rise in US bank profits to $70.6 billion in Q1, driven by non-interest income.
- Top four US banks saw combined assets grow by $681.71 billion, with JPMorgan Chase leading at 8.9% growth.
- FDIC Acting Chairman highlights strong capital and liquidity levels despite economic challenges.
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