U.S. Banks post their best quarter in three years

– U.S. banks and savings institutions backed by the Federal Deposit Insurance (FDIC) achieved an added profit in the second quarter of $21,600 million dollars, which is the best result in this market since the third quarter in 2007.

In detail, the second-quarter earnings are an improvement of $26,000 million dollars compared to the $4,400 million losses in the same period of 2009.

However, despite the noticeable improvement in performance of U.S. banks, the numbers actually still remain below the historical average. However, as a clear sign of improvement one in five institutions reported losses in the quarter, while a year ago 29% of the banks were in that situation, that is nearly one of every three banks.

“This is the best quarterly performance in almost three years,” said the FDIC chairman, Sheila C. Bair, who indicated that “nearly two out of three businesses have reported an annual improvement in their results.”

Enjoyed this post? Share it!


Leave a comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.