First-quarter trading revenue totaled $15.6 billion in the first quarter for U.S. commercial banks and savings associations, up 34.2%, from the previous quarter but down 11.1% from the same period one year ago, according to recent data from the national bank regulator.
The Office of the Comptroller of the Currency (OCC) said first-quarter trading revenue was $4 billion more than the fourth quarter of 2023 but $2 billion less than the first quarter of 2023.
Again, four large banks held most of the industry notional amount of derivatives – this time, 87.6% of the total – during the first quarter. They also represented 64.5% of industry net current credit exposure (NCCE), the agency said.
The report also shows:
- Industry NCCE increased $11.0 billion, or 4.6%, to $251.0 billion, from the fourth quarter of 2023.
- Derivative notional amounts increased in the first quarter of 2024 by $13.6 trillion, or 7.1%, to $206.1 trillion. Derivative contracts remained concentrated in interest rate-products, which totaled $144.4 trillion, or 70.1% of total derivative notional amounts.
Overall, derivatives were held by 1,208 insured U.S. national and state commercial banks and savings associations, the report shows.