Profits at Connecticut”™s banks collectively rose by over 100% on a year-over-year basis during the first quarter, according to the FDIC.
The state”™s 32 banks reported a total of $357 million for the quarter ended March 31, up almost 122% from the first quarter of 2020, when they totaled $161 million. (Due to M&A activity, there were 35 banks in the year-ago report.)
While the 2020 figure reflects the impact of Covid-19, the latest number eclipses the Q1 2019 sum, when 38 banks reported a collective profit of $326 million.
Deposits are also up: $112.2 billion for Q1 2021, compared with nearly $94.2 billion in Q1 2020 and $90.4 billion in Q1 2019.
In the meantime, full-time employment at banks continues to decline: 13,364 in Q1 2021, versus 14,201 in Q1 2020 and 14,822 in Q1 2019.
