The Biggest in 3 Years... $19 Billion Loan Losses in U.S. Banks

  • Washington, United States of America
  • 10 August 2023
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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)

 

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