The Hill reports:
Federally insured U.S. banks made more than $28 billion in additional profits in 2018 thanks to the Republican tax-cut law enacted at the start of the year, according to data released Thursday.
The Federal Deposit Insurance Corporation (FDIC) revealed that the nation’s 5,406 federally insured banks reeled in $236.7 billion in profits last year, according to the agency’s quarterly banking profile
Yearly profits increased increased $72. 4 billion from 2017, and the rise includes $28.8 billion more than banks would have kept under the previous tax regime. Bank profits in the fourth quarter of 2018 rose to $59 billion, an $8.1 billion increase from the same period in 2017.