US profits soar

Profits at US banks have jumped almost 37 per cent in the December quarter, reaching the highest level in six years. The figures are seen as fresh evidence of the industry's recovery more than four years after the financial crisis. Banks earned $US34.7 billion in the fourth quarter, the highest since the corresponding quarter in 2006, the Federal Deposit Insurance Corp said. For all last year, bank earnings rose 19 per cent to $US141.3 billion, their second-highest result.

By InvestSMART · 28 Feb 2013

By InvestSMART ·
28 Feb 2013

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Profits at US banks have jumped almost 37 per cent in the December quarter, reaching the highest level in six years. The figures are seen as fresh evidence of the industry's recovery more than four years after the financial crisis. Banks earned $US34.7 billion in the fourth quarter, the highest since the corresponding quarter in 2006, the Federal Deposit Insurance Corp said. For all last year, bank earnings rose 19 per cent to $US141.3 billion, their second-highest result.

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US profits soar

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