Business activity in the banking sector accelerated slightly in October, rising for the fifth straight month, according to industry executives surveyed for American Banker’s latest Index of Banking Activity.
The IBA’s October overall reading of 55.7 compared to 55.4 in September. The IBA is a product of American Banker’s regular surveys of bank executives and is published in partnership with VantageScore Solutions. The October index was based on 232 responses.
Improved commercial lending activity set the tone for the month. Commercial loan applications appeared to flow into banks at an accelerated pace; October’s reading of to 60.1 compared to 52.7 a month earlier. Approvals for those applications had a reading of 59, showing more momentum compared to September’s reading of 55.