UPDATE 1-U.S. banking sector profits dip 7.3 pct to $57.4 bln in Q3 2019 – FDIC

Profits across U.S. banks dipped by $4.5 billion to $57.4 billion in the third quarter of 2019, as “nonrecurring events” at three large financial institutions drove down sector growth, the Federal Deposit Insurance Corporation reported Tuesday. Absent those events, which the FDIC said were previously diclosed asset writedowns by Bank of America, Wells Fargo, and Mufg Union Bank, the banking sector would have continued its march to record profits by posting a slight increase to its all-time high of $62.6 billion record in the second quarter. The decline drove profits 7.3% lower than where they stood one year ago, but the FDIC said 62% of banks reported annual profit increases, and just 4% of banks are unprofitable.