Pursuits
U.S. Bank Earnings Up 6.6% on Growth in Revenue, FDIC Says
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U.S. banks had net income of $37.6 billion in the third quarter, a 6.6 percent increase over the year-earlier period as operating revenue grew the most in almost three years, the Federal Deposit Insurance Corp. said.
Industry profits are the highest in six years, with 57.5 percent of banks reporting gains on earnings that rose from $34.4 billion in the previous quarter, the FDIC said today in its Quarterly Banking Profile. Lenders set aside $14.8 billion for bad loans, and the $22.3 billion in charge-offs showed declines in all categories except residential real estate.