U.S. banks earn record $42.2B in 2nd quarter
WASHINGTON • Utah banks earned $2.47 billion in the second quarter, down 1 percent from $2.49 billion in the same April through June period last year.
Nationally, U.S. banks earned more in the second quarter than during any quarter on record, aided by a steep drop in losses from bad loans.
The Federal Deposit Insurance Corp. says the banking industry earned $42.2 billion in the second quarter, up 23 percent from the second quarter of 2012.
Banks' losses on loans tumbled 30.7 percent from a year earlier to $14.2 billion, the lowest in six years. And bank lending increased 1 percent from the first quarter. Greater lending helps boost consumer and business spending, leading to more jobs and faster economic growth.
Still, the report shows that the largest banks continue to drive the industry's profits while smaller institutions have struggled.