WASHINGTON — Profits at U.S. banks jumped almost 37 percent from October through December, reaching the highest level in six years as banks continued to step up lending.
The figures are fresh evidence of the industry’s sustained recovery four years after the financial crisis.
Banks earned $34.7 billion in the fourth quarter, the highest since the same period in 2006, the Federal Deposit Insurance Corp. reported Tuesday. Sixty percent of banks reported improved earnings from the fourth quarter of 2011, the agency said.
The FDIC, created during the Great Depression to ensure bank deposits, monitorsthe financial condition of U.S banks.
For all of 2012, the agency said bank earnings rose 19 percent to $141.3 billion, the second-highest annual level ever.MORE IN National / World BusinessWASHINGTON — Americans boosted spending by a healthy amount in August, offering welcome evidence... Full StoryDETROIT — A U.S. Full Story
- Most Popular
- Most Emailed
- RICHARD'S POOR ALMANACK: Julius Caesar dedicates a temple to his mythical ancestor, Venus Genetrix; on this day in 1933, FBI agents in Memphis, Tennessee, arrest Machine Gun Kelly; Yves Rossi flies the English Channel with home-made jet-pack.
- RICHARD'S POOR ALMANACK: On this day in 1852, Henri Giffard demonstrates the first steam-powered airship, sailing 17 miles from Paris to Trappes; on this day in 1877, Japanese imperial troops crush the Satsuma Rebellion, Saigo Takamori dies in Kagoshima.
- TOMORROW'S HEADLINES TODAY: U.S. Rep. Peter Welch meets with Killington business owners, governor candidates debate, Gov. Shumlin discusses progress in anti-opiate campaign, Spanos trial venue moves to White River Junction.
- RICHARD'S POOR ALMANACK: On this day in 1776, as Nathan Hale is hanged by British military authorities for spying, he utters his famous last words — or does he? In 1975, Sara Jane Moore attempts to kill President Gerald R. Ford in San Francisco.
- TOMORROW'S HEADLINES TODAY: Patrick McArdle reports and the theft of an $89,000 shotgun, police release a video of the Monday Castleton robbery, O'Gorman reports a lawsuit by a local man claiming his vehicle unlawfully seized, police leave him in cold.
- RICHARD'S POOR ALMANACK: Giles Corey of Salem, Mass., is pressed to death during the Salem witch trials; on this day in 1952, film comedian Charlie Chaplin, while traveling to England, is denied re-entry into the United States by U.S. attorney general.