US Banks Earned $10.2 Billion In Investment Fees Last Year

US earned a record $10.16 billion in investment commissions and fee income in 2003, according to The 2003 Year-End Bank Insurance & Investment Fee Income Report, published by Michael White Associates. Based on data reported by all 8,254 commercial and federally insured savings banks, the book measures bank insurance, investment, and mutual fund and annuity fee income generated in 2003 and compares individual bank and banking industry performance data and benchmark ratios to those of 2002. Banks increased their 2003 investment fee income by over one billion dollars or 11.5% from $9.11 billion in 2002 to a record $10.16 billion earned in 2003. About a quarter of the banks in the United States engaged in investment activities that produced investment fee revenue.