Home > Uncategorized > What Downturn? Bank Profits Hit $34.5 Billion – Forbes

What Downturn? Bank Profits Hit $34.5 Billion – Forbes

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007.

It’s not such a rosy environment for banks once you cut a little deeper into the numbers.

The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

More notably, banks have been reporting net income in the $25 to $35 billion range consistently every quarter since 2011–levels not seen since 2007. In the third quarter last year net income passed the $35 billion mark reaching $35.2 billion. The last time banks reported levels like that was in the second quarter of 2007.

For many of the quarters amid the financial crisis and well into 2010 banks struggled to report positive income–four of the 12 quarters between 2008 and 2012 showed FDIC-backed banks revealing net losses.

via What Downturn? Bank Profits Hit $34.5 Billion – Forbes.

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: