Friday, May 25, 2012

US bank industry posts highest earnings since 2007 via Reuters

The U.S. banking industry for the first quarter reported its highest quarterly earnings since the first half of 2007, but there remain signs that the industry is having trouble fully recovering from the financial crisis, according to data released on Thursday by the Federal Deposit Insurance Corp.

The FDIC quarterly report showed the industry earned $35.3 billion in the first quarter, up $6.6 billion, or 22.9 percent, from a year earlier. However, the increase was largely due to banks setting aside less money to guard against loan losses.

Banks pulled back on lending during the first quarter as loan balances dropped for the first time in four quarters.

Read more...US bank industry posts highest earnings since 2007 | Reuters

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