Tags: banks | profits | fdic | income

US Banks Turn $38.7 Billion in Third-Quarter Profits, FDIC Says

Tuesday, 25 Nov 2014 11:50 AM

U.S. banks posted profits of $38.7 billion in the third-quarter as loan sales and trading income drove their biggest year-over-year revenue growth in five years, according to the Federal Deposit Insurance Corp.

Banks’ net income for the three-month period that ended Sept. 30 increased from $36.1 billion a year ago, though it was down from the $40.1 billion reported in the second quarter, the FDIC said in the Quarterly Banking Profile released Tuesday.

“Net income was up, revenue growth was relatively strong and broad-based, asset quality improved and loan balances grew,” Gruenberg said in a statement released with the report on overall performance of FDIC-insured lenders.

Industrywide earnings were boosted as banks spent less on legal costs and employed 31,731 fewer people than the year earlier, according to the report. Funds set aside for bad loans increased year-over-year for the first time in five years, the FDIC said.

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U.S. banks posted profits of $38.7 billion in the third-quarter as loan sales and trading income drove their biggest year-over-year revenue growth in five years, according to the Federal Deposit Insurance Corp.
banks, profits, fdic, income
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2014-50-25
Tuesday, 25 Nov 2014 11:50 AM
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