Current Weather
The Spy FM

FDIC Says In 2012, Banks Posted Second-Best Earnings On Record

Filed by KOSU News in Business.
February 26, 2013

Profits for U.S. banks skyrocketed in 2012, a report from the Federal Deposit Insurance Corp. finds today.

According to Bloomberg, U.S. banks made $141.3 billion in net income last year. That is the “second-best earnings on record.” The best year was 2006, when banks reported $145.2 billion in earnings.

The AP explains:

“‘The improving trend that began more than three years ago gained further ground in the fourth quarter,’ FDIC Chairman Martin Gruenberg said in a statement. Still, ‘troubled loans, problem banks and bank failures remain at elevated levels, while growth in lending and revenue remains sluggish.’

“Banks with assets exceeding $10 billion drove the bulk of the earnings growth in the October-December period. While they make up just 1.5 percent of U.S. banks, they accounted for about 82 percent of the industry earnings.

“Those banks include Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. Most of them have recovered with help from federal bailout money and record-low borrowing rates.”

Bloomberg reports that the profits were broad with “60 percent of banks reporting increases from the previous year even as interest-income margins tightened.” [Copyright 2013 NPR]

Leave a Reply

6PM to 6:30PM Marketplace

Marketplace

Hosted by Kai Ryssdal, award-winning Marketplace is public radio's daily magazine of business and economics.

Listen Live Now!

6:30PM to 7PM All Things Considered

All Things Considered

For two hours every weekday, All Things Considered hosts Robert Siegel, Michele Norris and Melissa Block present the program's trademark mix of news, interviews, commentaries, reviews, and offbeat features.

View the program guide!

7PM to 9PM The Oklahoma Rock Show

The Oklahoma Rock Show

The Oklahoma Rock Show filters through dozens of submissions a week to find the best in new local music. Ryan LaCroix is the host and mastermind behind the show and teaches at the Academy of Contemporary Music at the University of Central Oklahoma (ACM@UCO).

View the program guide!

Upcoming Events in your area (Submit your event today!)

Streaming audio and podcasts

Stream KOSU on your smartphone

Phone Streaming

SmartPhone listening options on this page are intended for many iPhones, Blackberries, etc. with low-cost software applications available to listen to our full-time web streams, both News on KOSU-1 and Classical on KOSU-2.

Learn more about our complete range of streaming services

We're perfecting the patient experience - Stillwater Medical Center