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US banks back in black for 1st quarter
May 28, 2009, Thursday
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THE United States government says US banks turned a profit in the first quarter, but the number of troubled banks jumped to more than 300.
The US Federal Deposit Insurance Corp says higher trading revenues at big banks helped the industry earn a US$7.6 billion profit in the January-March period, compared with a record loss of US$36.9 billion in the fourth quarter of last year. The profit was 61 percent below the US$19.3 billion earned in the year-ago period and followed the sector's first quarterly loss in 18 years.
The US Federal Deposit Insurance Corp says higher trading revenues at big banks helped the industry earn a US$7.6 billion profit in the January-March period, compared with a record loss of US$36.9 billion in the fourth quarter of last year. The profit was 61 percent below the US$19.3 billion earned in the year-ago period and followed the sector's first quarterly loss in 18 years.
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