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Banking Industry News

Big Bank Profits Bolster Industry Numbers
Friday, 21, May 2010


The banks were expected to turn a corner in the first quarter and it looks like, on the whole, they delivered.The Federal Deposit Insurance Corp. issued its quarterly report on the U.S. banking industry Thursday, saying the group earned $18 billion during the first quarter of 2010, with more than half of banks and thrifts reporting year-over-year improvements. The performance compares to a $5.6 billion profit for the same period in 2009, and reductions in quarterly provisions for loan loss reserves and goodwill impairment charges were positive signs for both the industry and the economy.

Profits remain historically weak though, as the industry is still working through problem loans which tend to peak during the later stages of economic recoveries.For example, the industry's annualized ratio of net charge-offs (loan losses) to loans declined slightly to 2.84% from 2.89% in the fourth quarter, but up from 1.94% in the first quarter of 2009. The ratio of non-current assets and repossessed real estate to total assets was 3.43% as of March 31, up from 3.32% in December and 2.39% a year earlier.
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