NU Online News Service, April 23, 2004, 4:51 p.m. EDT – U.S. banks earned more than $10 billion in investment commissions and fee income for the first time in 2003.[@@]
Bank investment income rose to $10.2 billion in 2003, up 11.5% from $9.1 billion in 2002, according to Michael White Associates L.L.C., Radnor, Pa.
About one-fourth of all U.S. banks produced investment fee revenue in 2003, and 80% of banks with at least $10 billion in assets produced investment income, Michael White says.
Big banks accounted for 91% of all bank investment fee income in 2003, while banks with less than $1 billion in assets accounted for only 4% of the industry total.
Small banks with less than $100 million in assets produced only $18 million in 2003 bank investment fee income, or 0.2% of the industry total.