U.S. banks post 18 billion dollars net income in first quarter

08:48, May 21, 2010      

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U.S. banks made a 18-billion-dollar net income in the January-March period this year, but more banks are in trouble, said a U.S. banking regulatory agency.

The Federal Deposit Insurance Corp. (FDIC) said Thursday that the first quarter earnings of the U.S. banking industry was the best quarter in two years, but the number of "problem" banks increased from 702 to 775. U.S. banks earned 5.6 billion dollars in the same quarter in 2009.

According to historic statistics, about 13 percent of the banks on the FDIC's "problem" list ended up bankrupt.

In 2009, 140 banks were seized by the FDIC and went bankrupt. The number was much higher than the 26 banks in 2008.

The FDIC said that the biggest improvement in the first quarter was at the largest banks, but a majority of institutions posted gains in net income.

The FDIC's deposit insurance fund, which fell into the red last fall, posted its first improvement in two years. Its deficit declined by 145 million dollars to 20.7 billion dollars.



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