WASHINGTON (AP) -- U.S. banks are coming off their most profitable year since 2006, a sign that many have put the financial crisis behind them.
The surge in bank earnings came largely because banks suffered fewer losses - not because they took in more money. The slow recovery, record-low interest rates and weak demand for loans left bank revenue mostly flat for the year.
The Federal Deposit Insurance Corp. said Tuesday that bank earnings rose in the October-December quarter to $26.3 billion.
And for the entire year, earnings rose to $119.5 billion. That's 40 percent higher than the previous year and the most since 2006.
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