Tuesday, November 22, 2011

U.S. Bank Profits Soar

Posted By on Tue, Nov 22, 2011 at 10:07 AM

U.S. banks recorded significant earnings in the third quarter, their best showing in more than four years. The Federal Deposit Insurance Corp. reported this morning that the U.S. bank industry topped $35 billion, a full 50 percent jump from the same quarter last year.

But the FDIC also cautioned banks who were ready to celebrate. The agency is warning that the increase will be difficult to maintain because the industry continues to face challenges from a wrecked housing market and overall uncertainty in the global economy.

The FDIC warned that the banking industry inflated its profits by setting aside less to guard against losses from bad loans.

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