Banks Fee Income
Rose By $1 Billion In 2003
Banks earned a new record of over $10 billion in investment commissions and fee income in 2003, according to the 2003 Year-End Bank Insurance & Investment Fee Income Report by Michael White Associates, LLC, Radnor, Pa.
Banks investment fee income increased by over $1 billion, or 11.5%, from $9.1 billion in 2002 to $10.2 billion in 2003.
About one-quarter of the banks in the United States engaged in investment activities that produced fee revenue, according to MWA.
However, among the biggest banks, that ratio was much higher.
Among banks with $10 billion and more in assets, almost 80% reported investment income, generating a total of almost $9.3 billion in fees, MWA reports. These large banks accounted for more than 91% of all bank investment fee income in 2003, up about 1% over their 2002 market share.