U.S. banks incurred nearly $19 billion in losses on non-performing loans in the second quarter, the highest level in more than 3 years, as lenders face rising defaults among credit card borrowers and commercial real estate.
According to the Financial Times, lenders reported $18.9 billion in so-called discount losses on loans classified as non-recoverable during the second quarter, up nearly 17 percent from the previous three months and 75 percent higher than the same period last year. Banks lost a total of 61 cents for every $100 lent, the most since the second quarter of 2020.
Source (Al-Asharq Al-Awsat Newspaper, Edited)
