WASHINGTON: “It was a strong year for America’s banking industry with significant increases in lending to both businesses and individuals,” said ABA chief economist James Chessen.
“Community banks in particular showed dramatic improvements, which speak to strengthening economies in towns across America. The headline earnings disguise the robust improvements we’re seeing among banks of all sizes as institutions work to ensure businesses have the credit they need to expand and create jobs,” said Chessen.
The economist added, “Lending is on the rise, and we’re seeing strong improvements in business, consumer and real estate categories. Business lending saw a significant uptick, buoyed by a renewed appetite for expansion among small businesses. We’ve returned to a point where small businesses are confident in the economy, and banks are meeting their needs as they get back in the game.”
