FDIC: Bank Earnings Hit Five-Year High In 2011

By: AP
By: AP

WASHINGTON (AP) -- A surge in bank earnings at the end of last year made 2011 the most profitable time for the industry in five years. More earnings and fewer troubled banks suggest the industry has healed since the 2008 financial crisis.

The Federal Deposit Insurance Corp. says bank earnings rose in the October-December quarter to $26.3 billion. That's 23 percent higher than earnings in the final quarter of 2010. About 63 percent of banks reported improved earnings. Only 19 percent were unprofitable.

For the year, earnings hit $119.5 billion -- the most since 2006.

The number of banks on the FDIC's confidential "problem" list fell in the fourth quarter to 813, or around 11 percent of all federally insured banks. That compares with 844 troubled banks in the previous quarter.

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  • by Icked out Location: Cspgs on Feb 28, 2012 at 09:13 PM
    Isnt that special? These criminals tanked the economy and now they have record earnings.
  • by Irresponsible Location: Colorado Springs on Feb 28, 2012 at 01:11 PM
    This is a prime example of irresponsible reporting on the part of KKTV. Rather than lie about how our economy has recovered, I would appreciate stories on how our economy is getting ready to tank. Economist after economist having issued warnings that we are headed for a depression to rival the Great Depression. How about some REAL reporting KKTV?
  • by Dan'O Location: CS on Feb 28, 2012 at 10:16 AM
    Whew! glad to see that the banks are doing okay, after years of charging customers more, adding fees, and not paying squat on savings or CDs. I was worried the CEOs wouldn't make their bonus benchmarks.
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