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FDIC: Bank profits at highest level since 2007
Source: MarketWatch
FDIC: Bank profits at highest level since 2007
Industry ‘continues to gradually improve,’ FDIC’s Gruenberg says
Bank profits in the first quarter of 2012 reached their highest quarterly income levels in nearly five years, a federal banking regulator said Thursday.
“The condition of the industry continues to gradually improve,” said Federal Deposit Insurance Corp. Chairman Martin Gruenberg.
However, total bank loan and lease balances declined by $56 billion in the quarter, a situation that the agency chief said was “disappointing” after the industry saw three quarters of growth last year.
Bank net income for the first quarter of 2012 was $35.3 billion, up by $6.6 billion from the first quarter of 2011. The FDIC said that once again lower provisions for loan losses contributed to earnings improvements.
“The condition of the industry continues to gradually improve,” said Federal Deposit Insurance Corp. Chairman Martin Gruenberg.
However, total bank loan and lease balances declined by $56 billion in the quarter, a situation that the agency chief said was “disappointing” after the industry saw three quarters of growth last year.
Bank net income for the first quarter of 2012 was $35.3 billion, up by $6.6 billion from the first quarter of 2011. The FDIC said that once again lower provisions for loan losses contributed to earnings improvements.
Read more: http://www.marketwatch.com/story/fdic-bank-profits-at-highest-level-since-2007-2012-05-24-101035418
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