InvestSMART

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.
print
InvestSMART
By InvestSMART · 28 Feb 2013
print
Share
InvestSMART
By InvestSMART ·
28 Feb 2013
Share
comments Comments
print Print
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.
Google News
Follow us on Google News
Go to Google News, then click "Follow" button to add us.
Follow us
Share this article and show your support
Free Membership
Free Membership
InvestSMART
InvestSMART
Keep on reading more articles from InvestSMART. See more articles
Join the conversation
Join the conversation...
There are comments posted so far. Join the conversation, please login or Sign up.

Frequently Asked Questions about this Article…

US bank profits jumped almost 37% in the December quarter, with banks earning US$34.7 billion for that period.

The Federal Deposit Insurance Corporation (FDIC) reported the figures on US bank profits and earnings.

The US$34.7 billion earned in the fourth quarter was the highest quarterly total in six years, the strongest showing since the corresponding quarter in 2006.

For the full year, bank earnings rose 19% to US$141.3 billion, marking the sector's second‑highest annual result.

The sharp increase in profits is being seen as fresh evidence that the banking industry is recovering more than four years after the financial crisis.

No. The December quarter result was the highest in six years and the strongest since the corresponding quarter in 2006, but the article does not claim it is the highest ever.

Stronger bank earnings give investors a clear signal about the health of the financial sector; the FDIC figures showing a 37% quarterly jump and a 19% annual rise provide useful context for anyone tracking banks or the broader economy.

The FDIC published the data referenced in the article, so investors can consult FDIC releases for the official quarterly and annual bank earnings figures.