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November 29, 2011

Banks show highest profits since '07

Federally insured banks reported third-quarter profits of $35.3 billion, whichis up $6.5 billion from the previous quarter and the highest level since 2007, according to the FDIC's latest Quarterly Banking Profile.

The FDIC report, released last week, noted improved earnings for 63 percent of insured banks from with the same time last year. This is the ninth quarter that earnings improved, the FDIC said.

Lower expenses for loan-loss provisions accounted for much of the improvement in insured banks' earnings. Loan-loss provisions were an aggregate $18.6 million, down 47 percent from the third quarter of last year, the report said. More than half of all insured banks (51.1 percent) reported year-over-year declines in their quarterly loss provision.

According to the report, there were 844 problem institutions as of Sept. 30; that's down 21 from the previous quarter. Total assets among problem banks also fell from $372 billion to $339 billion.

In addition, the FDIC reported continued improvement to the Deposit Insurance Fund. The DIF increased by $3.9 billion during the third quarter to $7.8 billion (unaudited). Assessment income of $3.6 billion and a negative provision for insurance losses of $763 million were the main drivers of the fund's growth. So far this year, 74 insured institutions have failed at a cost of $6.4 billion to the DIF. (By contrast, NCUA has reported a total of 13 credit union failures through Oct. 31, with aggregate costs to the insurance fund of $45.3 million.)

The latest Quarterly Banking Profile includes data from 7,436 institutions.

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