Banks Post Highest Quarterly Net Profit
Source: Agencies |
September 1, 2010, Wednesday
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Print Edition
Print Edition
THE United States banking industry posted its highest quarterly earnings in nearly three years, even as the number of troubled institutions grew by more than 50 in the second quarter.
The Federal Deposit Insurance Corp yesterday said banks overall made US$21.6 billion in net income in the April-June quarter. That was the highest quarterly level since 2007. Overall, banks lost US$4.4 billion in the second quarter of 2009.
But number of banks on the FDIC's confidential "problem" list increased by 54 in the quarter.
The decline in bank lending stemming from the financial crisis showed signs of leveling off, the data show. Total lending fell by US$107.5 billion, or 1.4 percent from the first quarter.
The Federal Deposit Insurance Corp yesterday said banks overall made US$21.6 billion in net income in the April-June quarter. That was the highest quarterly level since 2007. Overall, banks lost US$4.4 billion in the second quarter of 2009.
But number of banks on the FDIC's confidential "problem" list increased by 54 in the quarter.
The decline in bank lending stemming from the financial crisis showed signs of leveling off, the data show. Total lending fell by US$107.5 billion, or 1.4 percent from the first quarter.
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