U.S. Banks Report Record Profit in Third Quarter

The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated. Net income at the 5,980 banks insured by the Federal Deposit Insurance Corp. rose $5.2 billion, to $45.6 billion, in the third quarter, compared with a year earlier, according to

data released Tuesday by the FDIC. “The banking industry reported another positive quarter,” said FDIC Chairman Martin Gruenberg. “Revenue and net income were up from a year ago, loan balances increased, asset quality improved, and the number of unprofitable and ‘problem banks’ continued to fall.” FULL REPORT