Published on 25 Apr 2024 on Insider Monkey via Yahoo Finance
20 Most Profitable Banks in the US in 2024
In this piece, we will take a look at the 20 most profitable banks in the US in 2024. If you want to skip our coverage of the latest news in the US banking industry, then you can take a look at the 5 Most Profitable Banks in the US in 2024.
The US banking industry of 2024 is quite different from what consumers, analysts, and investors were used to before the onset of the coronavirus pandemic in 2020. Before the pandemic, interest rates were moderate and stood between 1.50% and 1.75% enabling banks to lend money to each other. However, after COVID-19 forced governments to shut down factories, hospitality establishments, and other business avenues, the rates were cut to nearly 0% in order to ensure that some economic activity remained and the drop in output was compensated to an extent by easy capital.