WASHINGTON (AP) — U.S. banks earned more from January through March than during any quarter on record, buoyed by greater income from fees and fewer losses from bad loans.
|The Federal Deposit Insurance Corp. says the banking industry earned $40.3 billion in the first quarter, up 15.8 percent from the $34.8 billion earned in the first quarter of 2012.
|Despite record earnings, the report sketched a mixed picture for an industry that is still finding its way five years after the peak of the 2008 financial crisis.
|Only about half of U.S. banks reported improved earnings from a year earlier, the lowest proportion since 2009. Bank lending declined after several quarters of increases. And bank profits from interest charged fell to the lowest level in nearly seven years.
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