© Reuters. FILE PHOTO: U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – Deposits at U.S. banks climbed in early May, ticking up from the lowest level in nearly two years while bank lending was little changed at a record level, Federal Reserve data released on Friday showed.
Deposits climbed to $17.16 trillion in the week ended May 3, up about $67 billion to mark the first increase in four weeks, the Fed’s weekly snapshot of the banking system’s assets and liabilities showed. Deposits, which had dropped substantially after the collapse in March of Silicon Valley Bank, rose at both large and small banks.
Total bank credit was little changed at $17.37 trillion, while loans and leases for U.S. households and businesses held at a record high $12.12 trillion, although annual loan growth is now the slowest in about a year.