Banks post record fourth-quarter earnings

From: Bank News | Date: April 1, 2002| Author: | Copyright information

Insured commercial banks registered their best fourth quarter earnings ever, reporting $19.0 billion in net income in the final quarter of 2001, an increase of $1.3 billion (7.3%) from the fourth quarter a year ago. FDIC Chairman Don Powell said key factors in the improvement in industry earnings included sharply lower funding costs and higher gains on sales of securities and other assets. The increase in profits was limited by rising provisions for loan losses and lackluster growth in noninterest revenues. More than half of all commercial banks - 58.5% - reported higher earnings than in the ...

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