Banks Rack in Profit of $35.3B in 1Q 2012
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FDIC reported today that commercial banks and saving institutions reported profits of $35.3 billion in the first quarter of 2012, $6.6B more they did in the same quarter last year. The growth in profits represents the 11th consecutive quarter of earnings that have registered a year-over-year increase.
FDIC Acting Chairman Martin J. Gruenberg said, "The condition of the industry continues to gradually improve. Insured institutions have made steady progress in shedding bad loans, bolstering net worth, and increasing profitability."
The number of "problem" institutions declined from 813 to 772. This is the smallest number of "problem" banks since year-end 2009. Total assets of "problem" institutions declined from $319 billion to $292 billion. Sixteen insured institutions failed during the first quarter. This is the smallest number of failures in a quarter since the fourth quarter of 2008, when there were 12.
Financial Select Sector SPDR (NYSE: XLF), an ETF that track financial sector stocks, is down slightly today and up 5 percent year-to-date.
FDIC Acting Chairman Martin J. Gruenberg said, "The condition of the industry continues to gradually improve. Insured institutions have made steady progress in shedding bad loans, bolstering net worth, and increasing profitability."
The number of "problem" institutions declined from 813 to 772. This is the smallest number of "problem" banks since year-end 2009. Total assets of "problem" institutions declined from $319 billion to $292 billion. Sixteen insured institutions failed during the first quarter. This is the smallest number of failures in a quarter since the fourth quarter of 2008, when there were 12.
Financial Select Sector SPDR (NYSE: XLF), an ETF that track financial sector stocks, is down slightly today and up 5 percent year-to-date.
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