Fewer US banks failing as industry strengthens
Source: AP-Excite
By MARCY GORDON
WASHINGTON (AP) - U.S. banks are ending the year with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.
As the economy heals from the worst financial crisis since the Great Depression, more people and businesses are taking out - and repaying - loans.
And for the first time since 2009, banks' earnings growth is being driven by higher revenue - a healthy trend. Banks had previously managed to boost earnings by putting aside less money for possible losses.
Signs of the industry's gains:
- Banks are earning more. In the July-September quarter, the industry's earnings reached $37.6 billion, up from $35.3 billion a year earlier. It was the best showing since the July-September quarter of 2006, long before the financial meltdown. By contrast, at the depth of the Great Recession in the last quarter of 2008, the industry lost $32 billion.
FULL story at link.
Read more: http://apnews.excite.com/article/20121228/DA3F17EG1.html
In this Wednesday, Dec. 19, 2012 photo, people walk past a Bank of America branch in Philadelphia. U.S. banks are closing the year with the strongest profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers. (AP Photo/Matt Rourke)
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homes while supporting banks, seems to be working.
Banks doing better, and we are yanking 50,000 families out of their homes in foreclosure every month, and filing on another 100,000.
Right on target...
They are acting to support themselves. Maybe if BofA is doing so well, they can start paying federal tax.
