Y-o-y quarterly net income growth of U.S. banking industry 2007-2023

Net income of the U.S. banking industry - including commercial banks and savings institutions - declined much more in 2008 than in 2022. The lowest growth rate was measured in the third quarter of 2008, when the net income of the banking industry was 94 percent less than in the same quarter of the previous year. After the global financial crisis in 2007/2008, the growth rate experienced a surge in 2009 and 2010. Between 2011 and 2019, it remained relatively stable, with less extreme fluctuations. As the COVID-19 pandemic - and with it the economic downturn - hit the economy of the U.S., the growth rate dropped again in 2020, then increased in 2021. The first half of 2022 brought another negative growth rate. As of the first quarter of 2023, the quarterly income growth rate of the American banking industry was 33.6 percent.