American banks spent the second quarter crying all the way to the, well, bank.
Despite an increasing regulatory burden and amid lackluster share performance, the industry logged record profits for the period, topping the second quarter of 2015, according to figures from SNL Financial and S&P Global Market Intelligence.
Profits for the three-month period totaled $43.6 billion, compared to the $43.01 billion in Q2 of 2015, a 1.4 percent beat. On a sequential basis, the April-to-June period topped the previous quarter by $4.56 billion, an 11.7 percent rise.
The performance comes as banks adapt to a tougher regulatory environment for risk and higher capital requirements. The Dodd-Frank reforms, which Congress developed in the wake of the 2008 financial crisis, require banks to keep more cash on hand and restrict them from engaging in trading for their own profit.