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U.S. FDIC-insured banks earn 28.8 bln USD in Q2

(Xinhua)

08:35, August 24, 2011

WASHINGTON, Aug. 23 (Xinhua) -- The aggregate profit of commercial banks and savings institutions insured by the U.S. Federal Deposit Insurance Corporation (FDIC) continued to boost in the second quarter of 2011, the agency announced on Tuesday.

The FDIC said that insured institutions earned 28.8 billion U.S. dollars in the second three months of 2011, an improvement of 7.9 billion U.S. dollars from the same period last year. It was the eighth straight quarter that earnings registered a year-over-year increase.

Sixty percent of all insured institutions reported better quarterly net income from a year ago, while 15.2 percent had a net loss for the quarter. The average return on assets (ROA), a basic yardstick of profitability, rose to 0.85 percent from 0.63 percent a year ago, said the FDIC.

In addition, second-quarter loss provisions totaled 19 billion U.S. dollars, less than half the 40.4 billion U.S. dollars that insured institutions set aside a year ago.

"Banks have continued to make gradual but steady progress in recovering from the financial market turmoil and severe recession that unfolded from 2007 through 2009," said FDIC Acting Chairman Martin J. Gruenberg. "This trend has expanded to include a growing proportion of insured institutions."

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