| U.S. banking industry posts highest quarterly profit since 2007 May 24th 2012, 16:05 Imagine that! :eek: I'm not thinking this is necessarily GOOD news given that they were behind the entire housing crisis. Quote:
U.S. banking industry posts highest quarterly profit since 2007
The Federal Deposit Insurance Corp. reported Thursday that the U.S. banking industry's first-quarter profit was up $6.6 billion, or 23%, from a year earlier. Above, Chase customers use ATMs at a branch in New York. (Justin Sullivan / Getty Images / May 24, 2012)
By Jim Puzzanghera
May 24, 2012, 8:24 a.m.
WASHINGTON -- The U.S. banking industry posted a $35.3-billion profit in the first quarter of the year, its best performance since 2007, the Federal Deposit Insurance Corp. said Thursday.
The industry continued to recover from the financial crisis and deep recession, with just 16 FDIC-insured banks failing in the first three months of the year, according to the agency's quarterly banking profile.
It was the fewest failures since the fourth quarter of 2008. Overall, 438 banks have failed since the end of 2007, when the recession hit. There are about 7,300 banks and savings and loans covered by FDIC insurance.
The number of so-called problem banks -- those at risk of failure -- also declined to 772 in the first quarter, from 813 in the previous quarter, the lowest level since the end of 2009, the FDIC said.
"The condition of the industry continues to gradually improve," said Martin J. Gruenberg, the FDIC's acting chairman. "Insured institutions have made steady progress in shedding bad loans, bolstering net worth and increasing profitability.
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| http://www.latimes.com/business/mone...,3994281.story | |
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